Stevens Capital Management LP Acquires Shares of 8,827 Fifth Third Bancorp (NASDAQ:FITB)

Stevens Capital Management LP acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 8,827 shares of the financial services provider’s stock, valued at approximately $373,000.

Other hedge funds have also added to or reduced their stakes in the company. Boston Common Asset Management LLC increased its position in Fifth Third Bancorp by 12.4% during 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 period. Boston Partners increased its position in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. AMJ Financial Wealth Management increased its position in Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after purchasing an additional 9,401 shares during the period. Banco Santander S.A. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at $357,000. Finally, Lockheed Martin Investment Management Co. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at $9,878,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other news, 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 completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FITB shares. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. DA Davidson boosted their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. 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 stock. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $47.36.

Fifth Third Bancorp Price Performance

FITB opened at $39.48 on Monday. 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 stock has a market capitalization of $26.38 billion, a P/E ratio of 12.57, a P/E/G ratio of 1.42 and a beta of 1.21. The company’s 50-day simple moving average is $42.53 and its two-hundred day simple moving average is $43.58. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.75%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

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.