Flputnam Investment Management Co. Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Flputnam Investment Management Co. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 13,524 shares of the financial services provider’s stock after selling 4,665 shares during the period. Flputnam Investment Management Co.’s holdings in Fifth Third Bancorp were worth $572,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Boston Common Asset Management LLC raised its stake in shares of 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 worth $13,079,000 after buying an additional 34,203 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $9,878,000. Smith Group Asset Management LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $423,000. Finally, Icon Wealth Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $541,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.05 on Tuesday. The business’s 50-day simple moving average is $43.44 and its 200-day simple moving average is $43.82. The firm has a market capitalization of $28.65 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.42 and a beta of 1.23. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Insider Transactions 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 stock was sold at an average price of $44.26, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’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 sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $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. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of a number of analyst reports. Truist Financial increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods lifted their price objective 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. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Finally, Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp 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.