Pinnacle Bancorp Inc. Boosts Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Pinnacle Bancorp Inc. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 51.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,100 shares of the financial services provider’s stock after purchasing an additional 375 shares during the period. Pinnacle Bancorp Inc.’s holdings in Fifth Third Bancorp were worth $47,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FITB. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the third quarter worth $36,000. Hexagon Capital Partners LLC lifted its position in shares of Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth about $39,000. Finally, Versant Capital Management Inc raised its stake in Fifth Third Bancorp by 232.0% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 703 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FITB has been the topic of several analyst reports. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Truist Financial initiated coverage on Fifth Third Bancorp in a research note on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. Citigroup upped their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $45.92.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 1.7 %

NASDAQ:FITB opened at $43.27 on Friday. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The business’s 50-day moving average is $45.11 and its two-hundred day moving average is $42.76. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $29.01 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the firm posted $0.92 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. Research analysts predict that Fifth Third Bancorp will post 3.31 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.42%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

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.