Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 6.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,854 shares of the financial services provider’s stock after selling 383 shares during the period. Cornerstone Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $248,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter worth approximately $25,000. Venturi Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp in the third quarter valued at $36,000. Hexagon Capital Partners LLC boosted its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new position in Fifth Third Bancorp in the third quarter valued at $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FITB. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday. Citigroup increased their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Trading Up 0.8 %

FITB opened at $44.18 on Monday. The stock has a market capitalization of $29.62 billion, a PE ratio of 14.07, a P/E/G ratio of 1.91 and a beta of 1.24. The firm’s fifty day moving average price is $44.72 and its 200 day moving average price is $43.13. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.82. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio 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.