Connable Office Inc. Sells 655 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Connable Office Inc. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 47,228 shares of the financial services provider’s stock after selling 655 shares during the quarter. Connable Office Inc.’s holdings in Fifth Third Bancorp were worth $1,997,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Retirement Wealth Solutions LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $25,000. Venturi Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the period. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $28,000. BankPlus Trust Department purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $29,000. Finally, Legacy Investment Solutions LLC purchased a new position in shares of Fifth Third Bancorp in the third quarter worth $36,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $43.47 on Friday. The company has a market capitalization of $29.15 billion, a price-to-earnings 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 quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a one year low of $33.48 and a one year high of $49.07. The company’s 50-day moving average is $43.43 and its 200 day moving average is $43.74.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 3.40%. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Barclays boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.75.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % 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.