Kentucky Trust Co Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Kentucky Trust Co acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,344 shares of the financial services provider’s stock, valued at approximately $987,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Retirement Wealth Solutions LLC bought a new stake in Fifth Third Bancorp during the fourth quarter worth $25,000. Venturi Wealth Management LLC grew its holdings in 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 worth $29,000 after buying an additional 316 shares in the last quarter. Y.D. More Investments Ltd grew its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after buying an additional 449 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in Fifth Third Bancorp during the third quarter worth $36,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in Fifth Third Bancorp during the third quarter worth $39,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FITB. Piper Sandler reiterated an “overweight” rating and set a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Barclays upped their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. DA Davidson upped their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday. Finally, Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Stock Up 1.5 %

Shares of NASDAQ FITB opened at $44.00 on Wednesday. Fifth Third Bancorp has a one year low of $32.29 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $43.97 and its 200-day moving average price is $43.47. The stock has a market capitalization of $29.50 billion, a PE ratio of 14.01, a P/E/G ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio is presently 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.