USA Financial Formulas Cuts Position in Fifth Third Bancorp (NASDAQ:FITB)

USA Financial Formulas reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.9% in the fourth quarter, Holdings Channel reports. The fund owned 31,256 shares of the financial services provider’s stock after selling 1,627 shares during the quarter. Fifth Third Bancorp makes up about 0.2% of USA Financial Formulas’ portfolio, making the stock its 23rd biggest position. USA Financial Formulas’ holdings in Fifth Third Bancorp were worth $1,322,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Pinnacle Bancorp Inc. increased its holdings in shares of Fifth Third Bancorp by 51.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,100 shares of the financial services provider’s stock worth $47,000 after buying an additional 375 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Fifth Third Bancorp by 17.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,404 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 1,695 shares during the period. Park Avenue Securities LLC boosted its stake in shares of Fifth Third Bancorp by 8.8% during the fourth quarter. Park Avenue Securities LLC now owns 66,247 shares of the financial services provider’s stock valued at $2,801,000 after purchasing an additional 5,377 shares in the last quarter. Rockland Trust Co. bought a new position in Fifth Third Bancorp in the fourth quarter worth approximately $217,000. Finally, Community Trust & Investment Co. lifted its holdings in Fifth Third Bancorp by 7.6% during the fourth quarter. Community Trust & Investment Co. now owns 83,507 shares of the financial services provider’s stock worth $3,531,000 after buying an additional 5,912 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FITB shares. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Evercore ISI lifted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Truist Financial began coverage on Fifth Third Bancorp in a research report on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. 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. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and an average target price of $45.92.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $44.00 on Thursday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $45.17 and its 200-day simple moving average is $42.75. The company has a market cap of $29.50 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share 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 firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio is presently 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.