6,200 Shares in Fifth Third Bancorp (NASDAQ:FITB) Bought by Summit Securities Group LLC

Summit Securities Group LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,200 shares of the financial services provider’s stock, valued at approximately $262,000.

Other large investors have also recently bought and sold shares of the company. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $28,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $33,000. Finally, Y.D. More Investments Ltd grew its holdings in Fifth Third Bancorp by 118.5% in the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 449 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Wells Fargo & Company lowered their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Citigroup lowered their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Stephens reissued an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus target price of $46.64.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $38.81 on Friday. The firm’s 50 day simple moving average is $42.18 and its 200 day simple moving average is $43.51. The firm has a market capitalization of $25.93 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. 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 1-year low of $33.82 and a 1-year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

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.