Ascent Group LLC Cuts Stock Holdings in Fifth Third Bancorp $FITB

Ascent Group LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 73.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 16,486 shares of the financial services provider’s stock after selling 46,429 shares during the quarter. Ascent Group LLC’s holdings in Fifth Third Bancorp were worth $772,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Empowered Funds LLC lifted its position in Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares during the last quarter. Woodline Partners LP lifted its position in Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares during the last quarter. Fisher Asset Management LLC bought a new stake in Fifth Third Bancorp in the second quarter valued at approximately $201,000. EverSource Wealth Advisors LLC increased its position in shares of Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 759 shares during the period. Finally, Brown Advisory Inc. increased its position in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 484 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 26th. The Goldman Sachs Group initiated coverage on shares of Fifth Third Bancorp in a research report on Tuesday. They issued a “buy” rating and a $55.00 price objective on the stock. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Finally, TD Cowen reiterated a “buy” rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $56.16.

Fifth Third Bancorp Trading Up 0.5%

NASDAQ:FITB opened at $47.79 on Wednesday. The company has a 50-day moving average price of $49.04 and a 200-day moving average price of $46.59. Fifth Third Bancorp has a 12 month low of $32.27 and a 12 month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock has a market cap of $43.28 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 0.93 and a beta of 0.95.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

About Fifth Third Bancorp

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.