Fifth Third Bancorp (NASDAQ:FITB) Stock Position Raised by QRG Capital Management Inc.

QRG Capital Management Inc. lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,384 shares of the financial services provider’s stock after purchasing an additional 7,526 shares during the period. QRG Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $3,356,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Boston Common Asset Management LLC raised its holdings in Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares during the period. Lockheed Martin Investment Management Co. purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $9,878,000. Smith Group Asset Management LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $423,000. Icon Wealth Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the third quarter valued at approximately $541,000. Finally, Vest Financial LLC lifted its position in shares of Fifth Third Bancorp by 24.5% in the 4th quarter. Vest Financial LLC now owns 818,324 shares of the financial services provider’s stock valued at $34,599,000 after acquiring an additional 160,889 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO James C. Leonard sold 17,200 shares of the business’s 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 directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’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 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $43.47 on Friday. Fifth Third Bancorp has a fifty-two week low of $33.48 and a fifty-two week high of $49.07. The stock’s 50-day moving average is $43.43 and its two-hundred day moving average is $43.77. The firm has a market cap of $28.93 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.40%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Barclays lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. DA Davidson lifted their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reaffirmed 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, Wells Fargo & Company increased 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 report on Friday, November 15th. 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. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and an average target price of $46.75.

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.