Premier Fund Managers Ltd Increases Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Premier Fund Managers Ltd boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,200 shares of the financial services provider’s stock after buying an additional 2,500 shares during the quarter. Premier Fund Managers Ltd’s holdings in Fifth Third Bancorp were worth $6,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in Fifth Third Bancorp in the 4th quarter worth $371,836,000. PL Capital Advisors LLC lifted its position in Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after purchasing an additional 1,816,320 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $53,508,000. Raymond James Financial Inc. bought a new stake in Fifth Third Bancorp during the 4th quarter valued at $38,971,000. Finally, Boston Partners grew its holdings in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after acquiring an additional 823,803 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of the stock in a transaction on Wednesday, February 19th. The shares were 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 of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was 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 Price Performance

FITB stock opened at $39.77 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $26.57 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.42 and a beta of 1.21. The firm has a 50 day moving average of $42.29 and a 200-day moving average of $43.51. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 3.72%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FITB shares. Keefe, Bruyette & Woods upped their price objective on shares of 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 target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Morgan Stanley decreased their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Citigroup dropped their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Piper Sandler restated an “overweight” rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One 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’s stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $46.86.

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.