Elevated Capital Advisors LLC Lowers Position in Fifth Third Bancorp (NASDAQ:FITB)

Elevated Capital Advisors LLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 19,108 shares of the financial services provider’s stock after selling 636 shares during the period. Elevated Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $808,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% during the third 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. Legacy Investment Solutions LLC purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at about $36,000. Hexagon Capital Partners LLC lifted 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. MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the third quarter valued at about $39,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fifth Third Bancorp by 232.0% in the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after buying an additional 703 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock traded up $0.61 during trading hours on Monday, reaching $41.73. The company’s stock had a trading volume of 5,710,996 shares, compared to its average volume of 4,928,374. The firm has a 50 day moving average price of $45.19 and a 200-day moving average price of $42.66. 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 has a market cap of $27.98 billion, a P/E ratio of 13.86, a P/E/G ratio of 2.18 and a beta of 1.24. Fifth Third Bancorp has a one year low of $32.29 and a one 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 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the company earned $0.92 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. On average, analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Wall Street Analyst Weigh In

Several research analysts recently commented on FITB shares. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One investment 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $45.92.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.50% of the stock is owned by insiders.

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.