Clearstead Advisors LLC Sells 17,305 Shares of Fifth Third Bancorp $FITB

Clearstead Advisors LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 129,511 shares of the financial services provider’s stock after selling 17,305 shares during the quarter. Clearstead Advisors LLC’s holdings in Fifth Third Bancorp were worth $5,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealthquest Corp grew its position in Fifth Third Bancorp by 2.3% during the third quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock valued at $493,000 after buying an additional 244 shares during the period. Tiemann Investment Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 3.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 250 shares during the last quarter. Capital Investment Advisory Services LLC grew its position in shares of Fifth Third Bancorp by 1.1% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider’s stock valued at $1,011,000 after acquiring an additional 251 shares during the period. CENTRAL TRUST Co grew its position in shares of Fifth Third Bancorp by 4.1% during the 2nd quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 260 shares during the period. Finally, Foster & Motley Inc. increased its stake in shares of Fifth Third Bancorp by 1.7% in the 3rd quarter. Foster & Motley Inc. now owns 15,981 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $50.71 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $55.44. The business has a 50 day simple moving average of $50.35 and a two-hundred day simple moving average of $46.12. The stock has a market capitalization of $33.52 billion, a PE ratio of 14.32, a P/E/G ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion for the quarter. On average, research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on FITB. Piper Sandler lifted their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, January 21st. Weiss Ratings downgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, February 11th. Robert W. Baird raised their price target on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group increased their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.