Argyle Capital Management LLC Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)

Argyle Capital Management LLC increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,000 shares of the financial services provider’s stock after buying an additional 1,400 shares during the period. Argyle Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,268,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FITB. Assenagon Asset Management S.A. raised its stake in shares of Fifth Third Bancorp by 8.7% in the third quarter. Assenagon Asset Management S.A. now owns 21,705 shares of the financial services provider’s stock valued at $930,000 after buying an additional 1,740 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Fifth Third Bancorp by 0.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 144,408 shares of the financial services provider’s stock valued at $6,186,000 after acquiring an additional 993 shares during the period. First Trust Direct Indexing L.P. raised its stake in Fifth Third Bancorp by 7.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,220 shares of the financial services provider’s stock valued at $823,000 after acquiring an additional 1,363 shares during the period. Pinnacle Associates Ltd. lifted its holdings in Fifth Third Bancorp by 5.4% during the third quarter. Pinnacle Associates Ltd. now owns 6,016 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 306 shares during the last quarter. Finally, Nadler Financial Group Inc. bought a new position in Fifth Third Bancorp during the third quarter worth about $230,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $42.98 on Friday. Fifth Third Bancorp has a fifty-two week low of $33.48 and a fifty-two 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 stock has a market cap of $28.82 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The firm’s fifty day moving average price is $43.42 and its 200-day moving average price is $43.71.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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. This represents a $1.48 annualized dividend and a yield of 3.44%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Analysts Set New Price Targets

Several analysts have recently issued reports on FITB shares. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Citigroup boosted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Truist Financial raised their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. One 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.75.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp 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 transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $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 0.50% of the company’s stock.

About Fifth Third Bancorp

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.