Intech Investment Management LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Intech Investment Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 50,585 shares of the financial services provider’s stock, valued at approximately $2,139,000.

Other institutional investors also recently modified their holdings of the company. Boston Common Asset Management LLC boosted its stake 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 purchasing an additional 34,203 shares during the last quarter. AMJ Financial Wealth Management boosted its stake in Fifth Third Bancorp by 4.2% during the fourth 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. bought a new position in Fifth Third Bancorp during the fourth quarter worth $357,000. Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp during the fourth quarter worth $9,878,000. Finally, Smith Group Asset Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth $423,000. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. DA Davidson increased their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Barclays raised 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 note on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $47.36.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $39.43 on Friday. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The company has a 50-day simple moving average of $42.56 and a 200 day simple moving average of $43.58. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $26.34 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.75%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Insider Buying and Selling

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated 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 owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % 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 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.