Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,854 shares of the financial services provider’s stock after selling 383 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $248,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hengehold Capital Management LLC increased its position in Fifth Third Bancorp by 6.9% in the 4th quarter. Hengehold Capital Management LLC now owns 29,139 shares of the financial services provider’s stock valued at $1,232,000 after acquiring an additional 1,884 shares during the period. Donoghue Forlines LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $1,451,000. Janney Montgomery Scott LLC increased its holdings in shares of Fifth Third Bancorp by 9.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 224,138 shares of the financial services provider’s stock valued at $9,477,000 after purchasing an additional 19,072 shares during the period. Eads & Heald Wealth Management increased its holdings in shares of Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 235 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Fifth Third Bancorp by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 373,380 shares of the financial services provider’s stock valued at $15,925,000 after buying an additional 1,492 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FITB shares. Piper Sandler reissued an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their target price on 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. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley upped their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Up 0.8 %

FITB opened at $44.18 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market cap of $29.62 billion, a P/E ratio of 14.07, a PEG ratio of 1.91 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The business’s fifty day simple moving average is $44.72 and its 200 day simple moving average is $43.13.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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 dividend yield of 3.35%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Fifth Third Bancorp Company 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.