Southland Equity Partners LLC Makes New $205,000 Investment in Fifth Third Bancorp (NASDAQ:FITB)

Southland Equity Partners LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 4,856 shares of the financial services provider’s stock, valued at approximately $205,000.

Several other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after acquiring an additional 399,827 shares during the period. Franklin Resources Inc. increased its stake in shares of Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after purchasing an additional 409,292 shares during the last quarter. Smead Capital Management Inc. raised its holdings in shares of Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock worth $95,278,000 after purchasing an additional 75,024 shares during the period. Finally, Zacks Investment Management lifted its stake in Fifth Third Bancorp by 10.0% in the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock valued at $74,450,000 after purchasing an additional 158,067 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on FITB shares. Keefe, Bruyette & Woods boosted their target price on 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. Truist Financial boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of 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, Citigroup raised their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $46.75.

Insider Transactions at Fifth Third Bancorp

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

Fifth Third Bancorp Trading Up 0.8 %

Shares of FITB stock opened at $44.18 on Friday. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The business’s fifty day moving average is $44.78 and its 200 day moving average is $43.03. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.82 and a current ratio of 0.80. The company has a market capitalization of $29.62 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

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.