Portland Global Advisors LLC Decreases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Portland Global Advisors LLC lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,274 shares of the financial services provider’s stock after selling 685 shares during the period. Portland Global Advisors LLC’s holdings in Fifth Third Bancorp were worth $688,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FITB. Schroder Investment Management Group grew its position in Fifth Third Bancorp by 16.4% during the 4th quarter. Schroder Investment Management Group now owns 1,168,323 shares of the financial services provider’s stock worth $49,478,000 after purchasing an additional 164,260 shares during the last quarter. Allstate Corp purchased a new stake in Fifth Third Bancorp during the fourth quarter worth about $838,000. DnB Asset Management AS grew its holdings in shares of Fifth Third Bancorp by 2.4% in the 4th quarter. DnB Asset Management AS now owns 120,343 shares of the financial services provider’s stock worth $5,088,000 after acquiring an additional 2,812 shares during the period. Premier Fund Managers Ltd increased its position in shares of Fifth Third Bancorp by 1.6% in the fourth quarter. Premier Fund Managers Ltd now owns 163,200 shares of the financial services provider’s stock valued at $6,969,000 after buying an additional 2,500 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of Fifth Third Bancorp by 2.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 304,840 shares of the financial services provider’s stock worth $12,889,000 after purchasing an additional 7,970 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FITB shares. DA Davidson lifted their price target 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. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Stephens restated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.64.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock 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 firm’s 50-day moving average price is $42.18 and its two-hundred day moving average price is $43.51. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $25.93 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.81%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

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.