QRG Capital Management Inc. Grows Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

QRG Capital Management Inc. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 10.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,384 shares of the financial services provider’s stock after acquiring an additional 7,526 shares during the period. QRG Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $3,356,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Boston Common Asset Management LLC raised its position in Fifth Third Bancorp by 12.4% in the fourth 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. Lockheed Martin Investment Management Co. purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $9,878,000. Smith Group Asset Management LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $423,000. Icon Wealth Advisors LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $541,000. Finally, Vest Financial LLC grew its position in Fifth Third Bancorp by 24.5% in the fourth quarter. Vest Financial LLC now owns 818,324 shares of the financial services provider’s stock valued at $34,599,000 after acquiring an additional 160,889 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB opened at $43.47 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company’s 50-day moving average price is $43.43 and its 200 day moving average price is $43.77. Fifth Third Bancorp has a fifty-two week low of $33.48 and a fifty-two week high of $49.07. The firm has a market cap of $28.93 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FITB. Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Keefe, Bruyette & Woods lifted 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. Truist Financial increased their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.75.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp 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 sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $945,035.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% 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.