Quantbot Technologies LP Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Quantbot Technologies LP bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,807 shares of the financial services provider’s stock, valued at approximately $711,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Transamerica Financial Advisors Inc. lifted its holdings in Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 232 shares during the last quarter. Eads & Heald Wealth Management lifted its stake in shares of Fifth Third Bancorp by 3.0% in the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 235 shares during the last quarter. Valley National Advisers Inc. grew its holdings in shares of Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 236 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 246 shares during the last quarter. Finally, Brooklyn Investment Group raised its holdings in Fifth Third Bancorp by 9.1% in the 4th quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock valued at $131,000 after buying an additional 257 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday. DA Davidson raised their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.86.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % 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 Stock Performance

NASDAQ FITB opened at $40.17 on Thursday. The firm’s fifty day moving average price is $42.36 and its 200 day moving average price is $43.54. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month 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 company has a market capitalization of $26.84 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 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.