Allspring Global Investments Holdings LLC decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,540,483 shares of the financial services provider's stock after selling 1,139,188 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.12% of Fifth Third Bancorp worth $317,987,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider's stock worth $889,978,000 after purchasing an additional 732,651 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock valued at $242,713,000 after acquiring an additional 409,292 shares in the last quarter. Smead Capital Management Inc. increased its holdings in shares of Fifth Third Bancorp by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock valued at $95,278,000 after acquiring an additional 75,024 shares in the last quarter. Zacks Investment Management increased its holdings in shares of Fifth Third Bancorp by 10.0% during the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock valued at $74,450,000 after acquiring an additional 158,067 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Fifth Third Bancorp by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider's stock valued at $74,184,000 after acquiring an additional 19,572 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on FITB shares. Truist Financial raised their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Baird R W downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, October 21st. Piper Sandler restated an "overweight" rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $46.75.
Get Our Latest Analysis on FITB
Fifth Third Bancorp Stock Performance
Shares of FITB stock traded up $0.48 during trading hours on Friday, reaching $44.06. 4,676,808 shares of the company traded hands, compared to its average volume of 4,714,024. Fifth Third Bancorp has a 12-month low of $33.03 and a 12-month high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $29.54 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.44 and a beta of 1.23. The firm has a 50-day moving average price of $43.70 and a 200 day moving average price of $43.50.
Fifth Third Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors 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 3.36%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.
About Fifth Third Bancorp
(
Free Report)
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.
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