NorthRock Partners LLC Purchases Shares of 10,806 Fifth Third Bancorp (NASDAQ:FITB)

NorthRock Partners LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 10,806 shares of the financial services provider's stock, valued at approximately $457,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Common Asset Management LLC boosted its holdings in Fifth Third Bancorp by 12.4% during 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. Boston Partners boosted its holdings in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. Deutsche Bank AG boosted its holdings in Fifth Third Bancorp by 27.3% during the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after acquiring an additional 438,446 shares during the period. AMJ Financial Wealth Management boosted its holdings in Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock valued at $9,843,000 after acquiring an additional 9,401 shares during the period. Finally, Banco Santander S.A. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at $357,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 1.1%

Shares of FITB traded down $0.44 during midday trading on Tuesday, hitting $39.07. 2,544,141 shares of the company's stock traded hands, compared to its average volume of 4,470,614. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm's fifty day moving average is $36.96 and its 200-day moving average is $41.69. 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 stock has a market capitalization of $26.08 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same period last year, the business posted $0.70 earnings per share. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FITB shares. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Piper Sandler restated an "overweight" rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Wells Fargo & Company lowered their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. lowered their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Barclays lowered their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $46.56.

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at $10,820,994.62. The trade was a 6.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares in the company, 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. 0.53% of the stock is currently owned by company insiders.

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.