Olstein Capital Management L.P. Lowers Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Olstein Capital Management L.P. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 16.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,000 shares of the financial services provider’s stock after selling 27,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Fifth Third Bancorp were worth $5,835,000 at the end of the most recent quarter.

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. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp during the third quarter worth about $36,000. Hexagon Capital Partners LLC lifted its position in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the period. 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.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FITB. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday. Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Citigroup upped their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Up 0.8 %

Shares of NASDAQ FITB opened at $44.18 on Friday. The firm has a market cap of $29.62 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.82 and a current ratio of 0.80. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The firm’s 50 day moving average price is $44.72 and its 200 day moving average price is $43.08.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 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.