Ethos Financial Group LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Ethos Financial Group LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, Holdings Channel reports. The fund purchased 906 shares of the financial services provider’s stock, valued at approximately $39,000.

A number of other hedge funds have also recently made changes to their positions in FITB. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $28,000. Venturi Wealth Management LLC boosted its stake 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 valued at $29,000 after purchasing an additional 316 shares in the last quarter. BankPlus Trust Department acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $29,000. Finally, Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. DA Davidson upped their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Stephens reiterated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday. Finally, Barclays upped their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $47.31.

Insider Transactions at Fifth Third Bancorp

In related 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 completion of the sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $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. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $40.06 on Friday. 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 has a twelve month low of $33.82 and a twelve month high of $49.07. The stock’s 50 day moving average is $43.23 and its 200-day moving average is $43.77. The firm has a market capitalization of $26.66 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

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.