New Age Alpha Advisors LLC Buys Shares of 41,604 Fifth Third Bancorp (NASDAQ:FITB)

New Age Alpha Advisors LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 41,604 shares of the financial services provider’s stock, valued at approximately $1,759,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. D.A. Davidson & CO. boosted its position in Fifth Third Bancorp by 1.4% in the 3rd quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock valued at $918,000 after buying an additional 289 shares during the period. FMR LLC grew its stake in Fifth Third Bancorp by 5.7% during the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock worth $72,511,000 after purchasing an additional 91,574 shares in the last quarter. Townsquare Capital LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth about $804,000. CreativeOne Wealth LLC acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $271,000. Finally, Public Sector Pension Investment Board boosted its stake in shares of Fifth Third Bancorp by 1.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 118,197 shares of the financial services provider’s stock valued at $5,064,000 after buying an additional 2,200 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on FITB. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Citigroup cut their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.64.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $38.81 on Monday. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The company has a 50-day moving average price of $42.18 and a 200 day moving average price of $43.53. The company has a market cap of $25.93 billion, a P/E ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.