KMG Fiduciary Partners LLC Reduces Holdings in Fifth Third Bancorp (NASDAQ:FITB)

KMG Fiduciary Partners LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 36.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,458 shares of the financial services provider’s stock after selling 3,189 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Fifth Third Bancorp were worth $231,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. grew its holdings in shares of Fifth Third Bancorp by 15.1% during the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 9,444 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after purchasing an additional 55,081 shares during the last quarter. Icon Wealth Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the third quarter worth about $541,000. Nordea Investment Management AB grew its holdings in shares of Fifth Third Bancorp by 8.9% during the fourth quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider’s stock worth $28,286,000 after purchasing an additional 54,463 shares during the last quarter. Finally, First National Trust Co grew its holdings in shares of Fifth Third Bancorp by 44.9% during the third quarter. First National Trust Co now owns 77,099 shares of the financial services provider’s stock worth $3,303,000 after purchasing an additional 23,890 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.34 on Friday. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The stock’s 50 day moving average is $45.06 and its two-hundred day moving average is $42.76. The firm has a market capitalization of $29.73 billion, a PE ratio of 14.73, a P/E/G ratio of 1.79 and a beta of 1.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the business posted $0.92 earnings per share. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.34%. Fifth Third Bancorp’s payout ratio is 49.17%.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FITB. 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. Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Truist Financial began coverage on Fifth Third Bancorp in a report on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.92.

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.