Fifth Third Bancorp (NASDAQ:FITB) Stake Trimmed by Bank of Montreal Can

Bank of Montreal Can cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,732,903 shares of the financial services provider’s stock after selling 86,389 shares during the quarter. Bank of Montreal Can owned 0.26% of Fifth Third Bancorp worth $73,267,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Boston Common Asset Management LLC lifted its position in shares of Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after acquiring an additional 34,203 shares in the last quarter. Boston Partners raised its position in Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after buying an additional 823,803 shares during the period. AMJ Financial Wealth Management lifted its stake in Fifth Third Bancorp by 4.2% in the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock worth $9,843,000 after acquiring an additional 9,401 shares in the last quarter. Banco Santander S.A. acquired a new stake in Fifth Third Bancorp during the 4th quarter worth about $357,000. Finally, Lockheed Martin Investment Management Co. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $9,878,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FITB. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Truist Financial upped their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company reduced their price objective on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Barclays upped 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. Finally, Baird R W upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.12.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $33.42 on Wednesday. The stock has a 50-day simple moving average of $40.84 and a 200 day simple moving average of $43.16. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The stock has a market capitalization of $22.33 billion, a PE ratio of 10.64, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.43%. Fifth Third Bancorp’s dividend payout ratio is 47.13%.

Insider Transactions at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The stock was 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 trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’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 transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

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.