Richardson Financial Services Inc. Sells 607 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Richardson Financial Services Inc. trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB) by 7.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,867 shares of the financial services provider’s stock after selling 607 shares during the period. Richardson Financial Services Inc.’s holdings in Fifth Third Bancorp were worth $336,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp in the fourth quarter worth about $25,000. Venturi Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 316 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $36,000. Hexagon Capital Partners LLC lifted its position in Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Fifth Third Bancorp in the third quarter valued at approximately $39,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FITB. DA Davidson upped their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Citigroup upped their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Down 0.4 %

Fifth Third Bancorp stock opened at $44.31 on Friday. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The firm has a market cap of $29.71 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24. The business’s 50-day moving average price is $44.48 and its 200 day moving average price is $43.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.