4WEALTH Advisors Inc. Invests $838,000 in Fifth Third Bancorp (NASDAQ:FITB)

4WEALTH Advisors Inc. bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 19,818 shares of the financial services provider’s stock, valued at approximately $838,000. Fifth Third Bancorp makes up approximately 0.8% of 4WEALTH Advisors Inc.’s portfolio, making the stock its 28th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $371,836,000. PL Capital Advisors LLC raised its position in Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after acquiring an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $53,508,000. First Trust Advisors LP raised its stake in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after buying an additional 1,027,044 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $38,971,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

FITB stock opened at $36.09 on Friday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm has a market capitalization of $24.11 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day simple moving average of $37.65 and a 200-day simple moving average of $42.20.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the previous year, the company posted $0.70 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.37 per share. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.10%. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research analyst reports. Wells Fargo & Company cut their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods dropped their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research note on Monday, April 21st. Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. DA Davidson lowered their price objective on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Finally, Stephens restated an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.24.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated 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 transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

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.