Summit Investment Advisors Inc. Acquires 322 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Summit Investment Advisors Inc. boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.6% during the 4th quarter, Holdings Channel reports. The firm owned 51,109 shares of the financial services provider’s stock after buying an additional 322 shares during the period. Summit Investment Advisors Inc.’s holdings in Fifth Third Bancorp were worth $2,161,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after buying an additional 812,385 shares in the last quarter. Geode Capital Management LLC grew its stake in Fifth Third Bancorp by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after acquiring an additional 285,910 shares in the last quarter. Boston Partners lifted its stake in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after purchasing an additional 823,803 shares in the last quarter. Norges Bank bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $371,836,000. Finally, Franklin Resources Inc. grew its position in shares of Fifth Third Bancorp by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 5,763,716 shares of the financial services provider’s stock valued at $243,690,000 after purchasing an additional 287,342 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 2.2 %

Shares of NASDAQ:FITB opened at $34.60 on Tuesday. The firm has a market capitalization of $23.12 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The business has a 50 day simple moving average of $39.91 and a two-hundred day simple moving average of $42.88. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 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.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Wall Street Analyst Weigh In

FITB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Morgan Stanley cut their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. Finally, Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.12.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction 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 directly owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp 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 sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.