Prasad Wealth Partners LLC Acquires New Position in Fifth Third Bancorp (NASDAQ:FITB)

Prasad Wealth Partners LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 17,053 shares of the financial services provider’s stock, valued at approximately $721,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Impax Asset Management Group plc lifted its position in Fifth Third Bancorp by 499.2% in the fourth quarter. Impax Asset Management Group plc now owns 150,396 shares of the financial services provider’s stock worth $6,359,000 after purchasing an additional 125,296 shares during the period. Midwest Capital Advisors LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $33,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Fifth Third Bancorp by 1.1% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 179,444 shares of the financial services provider’s stock worth $7,587,000 after purchasing an additional 2,000 shares during the period. Finally, Howard Capital Management Inc. lifted its position in Fifth Third Bancorp by 5.6% in the fourth quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 274 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $42.99 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $28.83 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The company has a 50 day simple moving average of $43.44 and a 200-day simple moving average of $43.69. Fifth Third Bancorp has a 52-week low of $33.03 and a 52-week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.44%. Fifth Third Bancorp’s payout ratio is 47.13%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FITB shares. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Piper Sandler restated 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. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Truist Financial increased their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.75.

Insider Buying and Selling at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the stock in a transaction on Wednesday, February 19th. The stock was 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 directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 130,856 shares in the company, 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.

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.