Lockheed Martin Investment Management Co. Buys New Stake in Fifth Third Bancorp (NASDAQ:FITB)

Lockheed Martin Investment Management Co. bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 233,640 shares of the financial services provider’s stock, valued at approximately $9,878,000.

Other hedge funds have also made changes to their positions in the company. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC grew its position 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 worth $29,000 after buying an additional 316 shares during the last quarter. Y.D. More Investments Ltd lifted its position in shares of Fifth Third Bancorp by 118.5% during the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 449 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth $36,000. Finally, Hexagon Capital Partners LLC grew its holdings 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 acquiring an additional 312 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. DA Davidson increased their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Trading Up 0.7 %

Shares of NASDAQ FITB opened at $43.87 on Wednesday. The business has a 50 day simple moving average of $44.39 and a 200 day simple moving average of $43.38. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The stock has a market cap of $29.42 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.44 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp Dividend Announcement

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

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.