Fifth Third Bancorp (NASDAQ:FITB) Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,465 shares of the financial services provider’s stock after selling 6,425 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fifth Third Bancorp were worth $3,232,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wedmont Private Capital boosted its holdings in Fifth Third Bancorp by 18.1% during the third quarter. Wedmont Private Capital now owns 9,527 shares of the financial services provider’s stock worth $402,000 after buying an additional 1,461 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Fifth Third Bancorp by 257.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,183 shares of the financial services provider’s stock valued at $267,000 after acquiring an additional 4,454 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter worth $69,000. Koshinski Asset Management Inc. raised its position in shares of Fifth Third Bancorp by 4.7% during the third quarter. Koshinski Asset Management Inc. now owns 6,244 shares of the financial services provider’s stock worth $267,000 after purchasing an additional 283 shares during the period. Finally, McGlone Suttner Wealth Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 9.2% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 8,162 shares of the financial services provider’s stock valued at $350,000 after purchasing an additional 690 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Citigroup increased their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, DA Davidson lifted their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. 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 company has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Down 0.6 %

FITB opened at $44.04 on Monday. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. 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 business has a 50 day moving average price of $44.06 and a 200 day moving average price of $43.45. The firm has a market cap of $29.53 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, December 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.