Alliancebernstein L.P. Purchases 542,460 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Alliancebernstein L.P. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,485,567 shares of the financial services provider’s stock after acquiring an additional 542,460 shares during the period. Alliancebernstein L.P. owned approximately 0.67% of Fifth Third Bancorp worth $189,650,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Eads & Heald Wealth Management increased its holdings in shares of Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 235 shares during the period. Valley National Advisers Inc. raised its holdings in shares of Fifth Third Bancorp by 3.6% in the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 236 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 246 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Fifth Third Bancorp by 9.1% in the fourth quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 257 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in Fifth Third Bancorp by 16.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock valued at $79,000 after purchasing an additional 261 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $38.93 on Wednesday. The business has a 50 day moving average of $41.96 and a 200 day moving average of $43.49. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The company has a market cap of $26.01 billion, a PE ratio of 12.40, a P/E/G ratio of 1.42 and a beta of 1.21. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.80%. Fifth Third Bancorp’s dividend payout ratio is 47.13%.

Analyst Ratings Changes

A number of equities analysts have commented on FITB shares. Wells Fargo & Company cut their price target on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson lifted their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Citigroup cut their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $47.50.

Insider Activity

In other Fifth Third Bancorp 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 transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

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.