Contravisory Investment Management Inc. Trims Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Contravisory Investment Management Inc. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,819 shares of the financial services provider’s stock after selling 785 shares during the quarter. Fifth Third Bancorp accounts for about 1.8% of Contravisory Investment Management Inc.’s holdings, making the stock its 23rd biggest holding. Contravisory Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $8,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in FITB. Venturi Wealth Management LLC increased its stake in Fifth Third Bancorp by 89.5% during the 3rd 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. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the third quarter valued at $36,000. Hexagon Capital Partners LLC grew its stake in Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth about $39,000. Finally, Versant Capital Management Inc raised its position in Fifth Third Bancorp by 232.0% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 703 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Evercore ISI upped their target price on shares of 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. Truist Financial began coverage on shares of Fifth Third Bancorp in a research report on Tuesday, January 7th. They issued a “buy” rating and a $51.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Barclays raised their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $45.92.

Fifth Third Bancorp Stock Up 2.6 %

FITB stock opened at $44.00 on Thursday. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $29.50 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. The company has a fifty day moving average price of $45.17 and a 200 day moving average price of $42.75.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company posted $0.92 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts expect that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.

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.