Advisors Capital Management LLC Raises Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Advisors Capital Management LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 293,896 shares of the financial services provider’s stock after buying an additional 2,959 shares during the period. Advisors Capital Management LLC’s holdings in Fifth Third Bancorp were worth $12,426,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $25,000. Sierra Ocean LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at $29,000. Midwest Capital Advisors LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at $33,000. Finally, Y.D. More Investments Ltd grew its stake in shares of Fifth Third Bancorp by 118.5% in the 4th 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. 83.79% of the stock is owned by institutional investors.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the business’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 completion of the transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $33.84 on Monday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $22.61 billion, a PE ratio of 10.78, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a 50 day moving average price of $40.10 and a 200-day moving average price of $42.94. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is 47.13%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FITB. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. JPMorgan Chase & Co. decreased their price objective 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. Stephens reiterated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Piper Sandler restated 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. Finally, Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective for the company in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $48.12.

Fifth Third Bancorp Company 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.