Ritholtz Wealth Management Purchases Shares of 21,820 Fifth Third Bancorp $FITB

Key Points

• Ritholtz Wealth Management initiated a new stake in Fifth Third Bancorp, buying 21,820 shares in Q4 valued at about $1.02 million.
• Fifth Third announced a quarterly dividend of $0.40 per share (annualized $1.60), a 3.2% yield, with an ex-dividend date of March 31 and payment on April 15.
• Analysts hold a consensus rating of “Moderate Buy” with a $56.41 average target, while recent price targets from firms ranged roughly $53–$59.

Ritholtz Wealth Management purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 21,820 shares of the financial services provider's stock, valued at approximately $1,021,000.

Other large investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in shares of Fifth Third Bancorp by 12.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,399,492 shares of the financial services provider's stock valued at $159,130,000 after buying an additional 386,302 shares in the last quarter. Apollon Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 1.2% during the 4th quarter. Apollon Wealth Management LLC now owns 22,431 shares of the financial services provider's stock valued at $1,050,000 after buying an additional 272 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $207,000. Kennebec Savings Bank lifted its position in shares of Fifth Third Bancorp by 5.0% during the 4th quarter. Kennebec Savings Bank now owns 11,525 shares of the financial services provider's stock valued at $539,000 after buying an additional 548 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $274,000. 83.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Fifth Third Bancorp from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Friday, March 13th. Janney Montgomery Scott lifted their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a "buy" rating in a research report on Wednesday, January 21st. Argus lifted their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. UBS Group reaffirmed a "buy" rating and set a $59.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, February 4th. Finally, Wolfe Research lowered their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.41.

Fifth Third Bancorp Stock Down 0.1%

Shares of FITB opened at $49.77 on Wednesday. The stock has a market capitalization of $45.07 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 1.02 and a beta of 0.95. Fifth Third Bancorp has a 1 year low of $32.79 and a 1 year high of $55.44. The business's 50 day simple moving average is $48.92 and its 200-day simple moving average is $46.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 45.20%.

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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