Portland Global Advisors LLC Reduces Stake in Fifth Third Bancorp (NASDAQ:FITB)

Portland Global Advisors LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,274 shares of the financial services provider’s stock after selling 685 shares during the quarter. Portland Global Advisors LLC’s holdings in Fifth Third Bancorp were worth $688,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at Fifth Third Bancorp

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens restated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Barclays increased their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus target price of $46.64.

Fifth Third Bancorp Stock Down 2.4 %

FITB stock opened at $38.81 on Friday. The firm has a 50 day moving average of $42.18 and a 200 day moving average of $43.51. The stock has a market capitalization of $25.93 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

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.