KMG Fiduciary Partners LLC Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

KMG Fiduciary Partners LLC cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 36.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,458 shares of the financial services provider’s stock after selling 3,189 shares during the period. KMG Fiduciary Partners LLC’s holdings in Fifth Third Bancorp were worth $231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in FITB. QRG Capital Management Inc. grew its position in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after acquiring an additional 9,444 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Fifth Third Bancorp by 13.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after acquiring an additional 55,081 shares during the period. Icon Wealth Advisors LLC purchased a new position in Fifth Third Bancorp in the third quarter worth approximately $541,000. Nordea Investment Management AB grew its position in Fifth Third Bancorp by 8.9% in the fourth quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider’s stock worth $28,286,000 after acquiring an additional 54,463 shares during the period. Finally, First National Trust Co grew its position in Fifth Third Bancorp by 44.9% in the third quarter. First National Trust Co now owns 77,099 shares of the financial services provider’s stock worth $3,303,000 after acquiring an additional 23,890 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Stock Up 2.5 %

Shares of NASDAQ FITB opened at $44.34 on Friday. The stock has a market cap of $29.73 billion, a P/E ratio of 14.73, a PEG ratio of 1.79 and a beta of 1.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The business’s fifty day simple moving average is $45.06 and its 200-day simple moving average is $42.76.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 earnings per share. As a group, equities analysts predict that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial initiated coverage on Fifth Third Bancorp in a research report on Tuesday, January 7th. They issued a “buy” rating and a $51.00 price objective for the company. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Keefe, Bruyette & Woods upped their price target 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.92.

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.