Sei Investments Co. Lowers Stake in Fifth Third Bancorp (NASDAQ:FITB)

Sei Investments Co. cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 749,490 shares of the financial services provider’s stock after selling 34,699 shares during the quarter. Sei Investments Co. owned about 0.11% of Fifth Third Bancorp worth $31,689,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Boston Common Asset Management LLC grew its position in shares of Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares during the last quarter. Boston Partners lifted its holdings in shares of Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the last quarter. AMJ Financial Wealth Management boosted its position in shares of Fifth Third Bancorp by 4.2% in the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock worth $9,843,000 after purchasing an additional 9,401 shares in the last quarter. Banco Santander S.A. purchased a new position in Fifth Third Bancorp during the 4th quarter worth $357,000. Finally, Lockheed Martin Investment Management Co. acquired a new position in Fifth Third Bancorp during the 4th quarter valued at about $9,878,000. 83.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of research analyst reports. Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Piper Sandler reissued 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. Stephens restated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Finally, Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $46.86.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $40.17 on Wednesday. The stock has a market capitalization of $26.84 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.42 and a beta of 1.21. The stock has a 50-day moving average of $42.44 and a 200 day moving average of $43.56. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.68%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the 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 completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

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.