Convergence Investment Partners LLC Grows Stake in Fifth Third Bancorp (NASDAQ:FITB)

Convergence Investment Partners LLC lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 18.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 79,302 shares of the financial services provider’s stock after acquiring an additional 12,356 shares during the quarter. Convergence Investment Partners LLC’s holdings in Fifth Third Bancorp were worth $3,353,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of FITB. Exchange Traded Concepts LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $69,000. Creative Planning boosted its stake in shares of Fifth Third Bancorp by 1.8% in the third quarter. Creative Planning now owns 236,317 shares of the financial services provider’s stock valued at $10,124,000 after purchasing an additional 4,116 shares during the period. Vontobel Holding Ltd. grew its holdings in Fifth Third Bancorp by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 8,531 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 426 shares in the last quarter. Global Retirement Partners LLC increased its stake in Fifth Third Bancorp by 23.9% during the 3rd quarter. Global Retirement Partners LLC now owns 9,325 shares of the financial services provider’s stock worth $399,000 after buying an additional 1,796 shares during the period. Finally, Bleakley Financial Group LLC lifted its holdings in Fifth Third Bancorp by 5.7% in the 3rd quarter. Bleakley Financial Group LLC now owns 13,489 shares of the financial services provider’s stock worth $578,000 after buying an additional 727 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.9 %

Shares of FITB stock opened at $44.46 on Wednesday. The firm has a market capitalization of $29.81 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 1 year low of $33.03 and a 1 year high of $49.07. The stock has a fifty day moving average of $43.66 and a two-hundred day moving average of $43.54.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.33%. Fifth Third Bancorp’s payout ratio is 47.13%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FITB. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Company 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.