Prudential Financial Inc. Lowers Position in Fifth Third Bancorp (NASDAQ:FITB)

Prudential Financial Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 28.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 370,417 shares of the financial services provider’s stock after selling 145,997 shares during the period. Prudential Financial Inc.’s holdings in Fifth Third Bancorp were worth $15,661,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FITB. Kingsview Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 11.5% in the third quarter. Kingsview Wealth Management LLC now owns 11,459 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 1,179 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Fifth Third Bancorp by 11.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 83,238 shares of the financial services provider’s stock valued at $3,566,000 after purchasing an additional 8,613 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of Fifth Third Bancorp by 11.6% during the 3rd quarter. Independent Advisor Alliance now owns 13,190 shares of the financial services provider’s stock worth $565,000 after purchasing an additional 1,367 shares during the period. Dai ichi Life Insurance Company Ltd acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth approximately $1,066,000. Finally, D.A. Davidson & CO. raised its holdings in Fifth Third Bancorp by 1.4% in the third quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock valued at $918,000 after buying an additional 289 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Stephens reaffirmed an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Truist Financial raised their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Morgan Stanley decreased their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $46.86.

Fifth Third Bancorp Stock Down 1.0 %

Shares of Fifth Third Bancorp stock opened at $39.77 on Friday. The business has a 50-day moving average price of $42.29 and a 200 day moving average price of $43.51. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The firm has a market cap of $26.57 billion, a P/E ratio of 12.67, a P/E/G ratio of 1.42 and a beta of 1.21. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.72%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity

In related news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s 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 transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. 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.