Venturi Wealth Management LLC Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Venturi Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 54.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,035 shares of the financial services provider’s stock after acquiring an additional 366 shares during the period. Venturi Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $44,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Boston Common Asset Management LLC increased its position in shares of Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after acquiring an additional 34,203 shares during the period. QRG Capital Management Inc. increased its position in shares of Fifth Third Bancorp by 15.1% in the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after acquiring an additional 9,444 shares during the period. Lockheed Martin Investment Management Co. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $9,878,000. Smith Group Asset Management LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $423,000. Finally, Icon Wealth Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at about $541,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FITB shares. Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Wells Fargo & Company lifted their price objective 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. Finally, Truist Financial lifted their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $43.01 on Wednesday. The company’s fifty day simple moving average is $43.40 and its 200-day simple moving average is $43.72. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $28.84 billion, a PE ratio of 13.70, a P/E/G ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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. This represents a $1.48 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) 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.