Geneos Wealth Management Inc. Boosts Position in Fifth Third Bancorp (NASDAQ:FITB)

Geneos Wealth Management Inc. raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,475 shares of the financial services provider’s stock after purchasing an additional 246 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Fifth Third Bancorp were worth $231,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FITB. Retirement Wealth Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $25,000. Venturi Wealth Management LLC increased its holdings in Fifth Third Bancorp by 89.5% in the 3rd 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 in the last quarter. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp during the third quarter valued at approximately $36,000. Hexagon Capital Partners LLC increased its stake in shares of 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 worth $37,000 after purchasing an additional 312 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $39,000. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the topic of a number of recent analyst reports. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Trading Down 1.4 %

Shares of NASDAQ FITB opened at $44.17 on Thursday. The business’s 50 day moving average price is $44.65 and its 200-day moving average price is $43.27. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.82 and a current ratio of 0.80. The company has a market cap of $29.62 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.91 and a beta of 1.24.

Fifth Third Bancorp Announces Dividend

The business also recently declared 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 3.35%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 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.