Fifth Third Bank (FITB) Stake Lowered by M3F Inc.
M3F Inc. lessened its position in shares of Fifth Third Bank (NASDAQ:FITB) by 55.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,000 shares of the financial services provider’s stock after selling 187,000 shares during the quarter. Fifth Third Bank comprises approximately 5.7% of M3F Inc.’s portfolio, making the stock its 6th largest position. M3F Inc.’s holdings in Fifth Third Bank were worth $4,642,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new stake in shares of Fifth Third Bank during the 4th quarter valued at approximately $101,000. Horan Capital Advisors LLC. purchased a new stake in Fifth Third Bank in the third quarter valued at approximately $102,000. Delpha Capital Management LLC purchased a new stake in Fifth Third Bank in the fourth quarter valued at approximately $107,000. Valeo Financial Advisors LLC purchased a new stake in Fifth Third Bank in the third quarter valued at approximately $119,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Fifth Third Bank in the fourth quarter valued at approximately $148,000. 84.57% of the stock is currently owned by hedge funds and other institutional investors.
Fifth Third Bank stock traded down $0.08 during trading on Monday, hitting $33.64. The stock had a trading volume of 192,201 shares, compared to its average volume of 5,126,978. Fifth Third Bank has a 1-year low of $23.20 and a 1-year high of $34.57. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $23,165.03, a price-to-earnings ratio of 11.83, a P/E/G ratio of 1.86 and a beta of 1.31.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.90%. Fifth Third Bank’s payout ratio is currently 22.46%.
Fifth Third Bank declared that its Board of Directors has approved a share repurchase program on Tuesday, February 27th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of analysts have issued reports on FITB shares. Morgan Stanley boosted their target price on Fifth Third Bank from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Zacks Investment Research raised Fifth Third Bank from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Monday, January 8th. Oppenheimer reissued a “hold” rating on shares of Fifth Third Bank in a research report on Thursday, December 7th. Barclays boosted their target price on Fifth Third Bank from $31.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Finally, BidaskClub raised Fifth Third Bank from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.70.
In related news, Director Emerson L. Brumback sold 3,000 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $33.44, for a total transaction of $100,320.00. Following the completion of the transaction, the director now owns 53,143 shares in the company, valued at $1,777,101.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Frank R. Forrest sold 4,836 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $154,268.40. Following the transaction, the executive vice president now owns 112,474 shares of the company’s stock, valued at approximately $3,587,920.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 179,410 shares of company stock valued at $5,879,506. Insiders own 0.40% of the company’s stock.
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About Fifth Third Bank
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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