Congress Wealth Management LLC DE Sells 11,925 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Congress Wealth Management LLC DE lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 17.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,296 shares of the financial services provider’s stock after selling 11,925 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Fifth Third Bancorp were worth $2,465,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $29,000. Midwest Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $33,000. Finally, Y.D. More Investments Ltd grew its position in shares of Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 449 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $40.17 on Thursday. The stock has a 50 day moving average price of $42.36 and a 200 day moving average price of $43.54. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week 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. The firm has a market capitalization of $26.84 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analysts Set New Price Targets

A number of research firms recently commented on FITB. Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Barclays raised their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Morgan Stanley lowered their price objective 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $46.86.

Insider Transactions at Fifth Third Bancorp

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

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.