Hartford Investment Management Co. Lowers Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Hartford Investment Management Co. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 41,782 shares of the financial services provider’s stock after selling 811 shares during the quarter. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $1,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $25,000. Venturi Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 316 shares during the period. Y.D. More Investments Ltd raised its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 449 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the third quarter valued at about $36,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp in the 3rd quarter valued at approximately $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.3 %

FITB opened at $43.58 on Friday. The firm has a market cap of $29.22 billion, a P/E ratio of 13.88, a PEG ratio of 1.44 and a beta of 1.23. The business’s fifty day simple moving average is $43.84 and its 200 day simple moving average is $43.49. Fifth Third Bancorp has a 52 week low of $33.03 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 company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.40%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FITB shares. Truist Financial increased 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. Barclays increased their price objective 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. Piper Sandler restated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.