You bet. As long as it's out of the way, and nobody's whackin' into it when walking around there. I do it for the winter. Hitch is a real nuisance to store any other way if you don't want it in the truck. Just pull the 4 pins, (I've got a Reese) lift the front of the 5'er as normal until it's clear and pull away. When reinstalling, I back in, get it close to where it needs to be. If it doesn't line up perfectly, release the hitch into the bed, repin it, then rehook as usual. Good idea to leave a lock on it when hanging, then nobody can accidentally release it and have it fall. It is heavy as you know, and could hurt someone, especially kids.
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