182,202 Shares in Fifth Third Bancorp $FITB Purchased by Robinhood Asset Management LLC

Key Points

• Robinhood Asset Management bought 182,202 new shares of Fifth Third Bancorp (≈$8.53M), representing about 0.7% of its portfolio and the fund's 27th largest holding.
• Fifth Third declared a quarterly dividend of $0.40 per share (annualized $1.60), payable Apr 15 to holders of record Mar 31, implying a 3.4% yield and a 45.2% payout ratio.
• Analysts have a consensus rating of Moderate Buy with a $55.84 consensus price target; the bank has a $43.1B market cap, a P/E of 13.44 and a 52‑week range of $32.25–$55.44.

Robinhood Asset Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 182,202 shares of the financial services provider's stock, valued at approximately $8,529,000. Fifth Third Bancorp accounts for about 0.7% of Robinhood Asset Management LLC's investment portfolio, making the stock its 27th largest holding.

Other hedge funds have also made changes to their positions in the company. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at approximately $26,000. Westside Investment Management Inc. grew its position in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after acquiring an additional 292 shares during the period. Harbor Investment Advisory LLC increased its stake in Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after acquiring an additional 517 shares during the last quarter. United Community Bank increased its stake in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after acquiring an additional 581 shares during the last quarter. Finally, Beacon Financial Strategies CORP acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $47.56 on Tuesday. The company has a market cap of $43.07 billion, a P/E ratio of 13.44, a PEG ratio of 0.93 and a beta of 0.95. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The firm's 50 day moving average price is $49.10 and its 200 day moving average price is $46.58.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 31st. Fifth Third Bancorp's payout ratio is presently 45.20%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent analyst reports. Wolfe Research cut their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. Janney Montgomery Scott lifted their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the company a "buy" rating in a research report on Wednesday, January 21st. Evercore decreased their price objective on shares of Fifth Third Bancorp from $57.00 to $51.00 in a report on Monday. Citigroup increased their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.84.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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