Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Transcend Capital Advisors LLC

Transcend Capital Advisors LLC trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 32.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,989 shares of the financial services provider’s stock after selling 6,289 shares during the period. Transcend Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $549,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after acquiring an additional 732,651 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after acquiring an additional 409,292 shares in the last quarter. Smead Capital Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after acquiring an additional 75,024 shares in the last quarter. Zacks Investment Management raised its stake in shares of Fifth Third Bancorp by 10.0% in the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock valued at $74,450,000 after acquiring an additional 158,067 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Fifth Third Bancorp by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after acquiring an additional 19,572 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on FITB shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Keefe, Bruyette & Woods increased their price objective 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. Truist Financial raised their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, DA Davidson raised their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $42.88 on Friday. The stock’s 50-day moving average is $43.50 and its two-hundred day moving average is $43.61. The firm has a market cap of $28.75 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.42 and a beta of 1.23. Fifth Third Bancorp has a 1 year low of $33.03 and a 1 year high of $49.07. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

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.