Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 132,686 shares of the financial services provider’s stock after selling 1,693 shares during the quarter. Meritage Portfolio Management’s holdings in Fifth Third Bancorp were worth $5,610,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth about $25,000. Venturi Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 316 shares during the last quarter. Y.D. More Investments Ltd lifted its stake in Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after buying an additional 449 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at $36,000. Finally, Hexagon Capital Partners LLC increased its position in Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after buying an additional 312 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.87 on Wednesday. The business’s 50-day simple moving average is $44.30 and its 200-day simple moving average is $43.40. The firm has a market capitalization of $29.42 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.37%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FITB shares. Barclays upped 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. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.75.

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.