Trivium Point Advisory LLC Sells 1,545 Shares of Fifth Third Bancorp $FITB

Trivium Point Advisory LLC trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,009 shares of the financial services provider’s stock after selling 1,545 shares during the period. Trivium Point Advisory LLC’s holdings in Fifth Third Bancorp were worth $1,317,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FITB. GAMMA Investing LLC raised its stake in shares of Fifth Third Bancorp by 4,271.4% in the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock valued at $47,172,000 after acquiring an additional 1,175,834 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in Fifth Third Bancorp by 15.0% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 7,641 shares of the financial services provider’s stock worth $300,000 after buying an additional 999 shares during the period. Rhumbline Advisers increased its position in Fifth Third Bancorp by 7.7% in the 1st quarter. Rhumbline Advisers now owns 1,400,065 shares of the financial services provider’s stock worth $54,882,000 after buying an additional 99,901 shares during the period. Czech National Bank increased its position in Fifth Third Bancorp by 5.8% in the 1st quarter. Czech National Bank now owns 153,855 shares of the financial services provider’s stock worth $6,031,000 after buying an additional 8,468 shares during the period. Finally, Merit Financial Group LLC increased its position in Fifth Third Bancorp by 25.3% in the 1st quarter. Merit Financial Group LLC now owns 20,595 shares of the financial services provider’s stock worth $807,000 after buying an additional 4,155 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

FITB opened at $44.55 on Wednesday. The stock has a market cap of $29.49 billion, a PE ratio of 13.84, a P/E/G ratio of 1.45 and a beta of 0.93. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The stock’s 50 day simple moving average is $44.01 and its 200-day simple moving average is $40.50.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.6%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is presently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has approved a stock buyback plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent analyst reports. Evercore ISI lifted their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Piper Sandler lifted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Citigroup lifted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Finally, Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

About Fifth Third Bancorp

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.