Deseret Mutual Benefit Administrators Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Deseret Mutual Benefit Administrators trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 16.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,301 shares of the financial services provider’s stock after selling 251 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Fifth Third Bancorp were worth $55,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after acquiring an additional 732,651 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth $28,490,000. Teachers Retirement System of The State of Kentucky increased its holdings in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after acquiring an additional 575,449 shares in the last quarter. Franklin Resources Inc. increased its holdings in Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth $12,895,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Down 1.7 %

Shares of NASDAQ:FITB opened at $42.88 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $28.75 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The firm’s 50-day moving average is $43.50 and its two-hundred day moving average is $43.61. Fifth Third Bancorp has a 1 year low of $33.03 and a 1 year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid 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 yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FITB shares. Piper Sandler reissued an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial lifted their target price on shares of 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 lifted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One 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 stock currently has an average rating of “Hold” and an average target price of $46.75.

Insiders Place Their Bets

In related news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.