PL Capital Advisors LLC Has $78.65 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

PL Capital Advisors LLC increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4,128.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,860,320 shares of the financial services provider’s stock after buying an additional 1,816,320 shares during the quarter. Fifth Third Bancorp accounts for 0.9% of PL Capital Advisors LLC’s portfolio, making the stock its 16th biggest holding. PL Capital Advisors LLC owned approximately 0.28% of Fifth Third Bancorp worth $78,654,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FITB. Assenagon Asset Management S.A. grew its holdings in shares of Fifth Third Bancorp by 8.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 21,705 shares of the financial services provider’s stock worth $930,000 after purchasing an additional 1,740 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Fifth Third Bancorp by 0.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 144,408 shares of the financial services provider’s stock worth $6,186,000 after purchasing an additional 993 shares during the period. Abich Financial Wealth Management LLC boosted its stake in Fifth Third Bancorp by 1,787.3% during the third quarter. Abich Financial Wealth Management LLC now owns 1,340 shares of the financial services provider’s stock worth $57,000 after buying an additional 1,269 shares in the last quarter. First Trust Direct Indexing L.P. increased its holdings in Fifth Third Bancorp by 7.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,220 shares of the financial services provider’s stock valued at $823,000 after buying an additional 1,363 shares during the period. Finally, Pinnacle Associates Ltd. raised its stake in shares of Fifth Third Bancorp by 5.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 6,016 shares of the financial services provider’s stock valued at $258,000 after buying an additional 306 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $43.01 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1-year low of $33.03 and a 1-year high of $49.07. The stock has a market capitalization of $28.84 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.42 and a beta of 1.23. The business has a 50-day moving average price of $43.40 and a two-hundred day moving average price of $43.72.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Analysts Set New Price Targets

A number of analysts recently weighed in on FITB shares. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Barclays increased 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. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus target price of $46.75.

Insider Activity at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following 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 transaction 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 Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

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.