Joseph Group Capital Management Has $2.76 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Joseph Group Capital Management reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 65,218 shares of the financial services provider’s stock after selling 1,463 shares during the quarter. Joseph Group Capital Management’s holdings in Fifth Third Bancorp were worth $2,757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $25,000. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $28,000. BankPlus Trust Department acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Midwest Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $33,000. Finally, Y.D. More Investments Ltd boosted its stake in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 449 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 2.4 %

Shares of NASDAQ:FITB opened at $38.81 on Friday. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The company has a market capitalization of $25.93 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The business has a fifty day moving average price of $42.18 and a two-hundred day moving average price of $43.51. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Truist Financial upped their price objective 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. DA Davidson increased their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their price objective 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. Citigroup cut their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Wells Fargo & Company decreased their price target on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.64.

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 stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% 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.