City State Bank Cuts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

City State Bank trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,891 shares of the financial services provider’s stock after selling 1,233 shares during the quarter. City State Bank’s holdings in Fifth Third Bancorp were worth $1,179,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FITB. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC boosted its position in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Fifth Third Bancorp during the 3rd quarter worth $39,000. Finally, Versant Capital Management Inc increased its position in Fifth Third Bancorp by 232.0% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock valued at $43,000 after buying an additional 703 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were 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 approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of research analyst reports. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial started coverage on shares of Fifth Third Bancorp in a research note on Tuesday, January 7th. They set a “buy” rating and a $51.00 price objective for the company. Piper Sandler raised their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.92.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $0.24 during midday trading on Monday, hitting $41.36. The company’s stock had a trading volume of 740,558 shares, compared to its average volume of 4,182,861. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The company has a market cap of $27.73 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 2.18 and a beta of 1.24. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The business’s 50 day simple moving average is $45.19 and its 200 day simple moving average is $42.66.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 EPS. On average, analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 49.17%.

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.