Raleigh Capital Management Inc. Sells 334 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Raleigh Capital Management Inc. lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,608 shares of the financial services provider’s stock after selling 334 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $406,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Boston Common Asset Management LLC grew its position in Fifth Third Bancorp by 12.4% during the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares in the last quarter. QRG Capital Management Inc. grew its holdings in shares of Fifth Third Bancorp by 15.1% during the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 9,444 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fifth Third Bancorp by 13.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after purchasing an additional 55,081 shares during the period. Icon Wealth Advisors LLC acquired a new position in Fifth Third Bancorp in the third quarter valued at about $541,000. Finally, Nordea Investment Management AB raised its stake in Fifth Third Bancorp by 8.9% in the fourth quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider’s stock valued at $28,286,000 after purchasing an additional 54,463 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup raised their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday. Finally, Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.14.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $43.93 on Thursday. The business has a 50-day moving average of $44.85 and a 200-day moving average of $43.02. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $29.46 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.95 and a beta of 1.24. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.37 dividend. 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 3.37%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Fifth Third Bancorp Company 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.