Corebridge Financial Inc. Reduces Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Corebridge Financial Inc. reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 5.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 158,809 shares of the financial services provider’s stock after selling 9,278 shares during the period. Corebridge Financial Inc.’s holdings in Fifth Third Bancorp were worth $6,714,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Kingsview Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 11.5% in the third quarter. Kingsview Wealth Management LLC now owns 11,459 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 1,179 shares during the period. D.A. Davidson & CO. boosted its stake in Fifth Third Bancorp by 1.4% during the 3rd quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 289 shares during the period. FMR LLC grew its position in Fifth Third Bancorp by 5.7% during the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock worth $72,511,000 after purchasing an additional 91,574 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Fifth Third Bancorp by 19.4% in the third quarter. BNP Paribas Financial Markets now owns 1,173,273 shares of the financial services provider’s stock valued at $50,263,000 after purchasing an additional 190,228 shares during the period. Finally, Townsquare Capital LLC purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at about $804,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $38.81 on Friday. The business has a 50 day moving average price of $42.18 and a 200 day moving average price of $43.50. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $25.93 billion, a P/E ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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 3.81%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FITB shares. DA Davidson raised their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Barclays lifted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Piper Sandler restated an “overweight” rating and set a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Morgan Stanley cut their price objective 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.64.

Insider Buying and Selling

In related 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 completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $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.

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.