Conning Inc. Decreases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Conning Inc. trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 5.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,416 shares of the financial services provider’s stock after selling 304 shares during the quarter. Conning Inc.’s holdings in Fifth Third Bancorp were worth $229,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of FITB. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares in the last quarter. Y.D. More Investments Ltd increased its stake in shares of Fifth Third Bancorp by 118.5% in the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after buying an additional 449 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the third quarter valued at $36,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays upped their target price 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. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Truist Financial lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. DA Davidson boosted their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Finally, Citigroup raised their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $44.04 on Monday. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The stock has a market cap of $29.53 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.44 and a beta of 1.23. The firm’s 50-day simple moving average is $44.06 and its 200 day simple moving average is $43.45. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.36%. Fifth Third Bancorp’s payout ratio is 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.