Manning & Napier Advisors LLC Sells 23,128 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Manning & Napier Advisors LLC lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 273,256 shares of the financial services provider's stock after selling 23,128 shares during the period. Manning & Napier Advisors LLC's holdings in Fifth Third Bancorp were worth $11,553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FITB. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $889,978,000 after buying an additional 732,651 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider's stock worth $371,837,000 after acquiring an additional 399,827 shares during the last quarter. Franklin Resources Inc. grew its holdings in 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 purchasing an additional 409,292 shares during the period. Smead Capital Management Inc. increased its stake in Fifth Third Bancorp by 3.5% in 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 purchasing an additional 75,024 shares in the last quarter. Finally, Zacks Investment Management grew its holdings in shares of Fifth Third Bancorp by 10.0% in the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock valued at $74,450,000 after buying an additional 158,067 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. Citigroup lifted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Truist Financial boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. Finally, Piper Sandler reissued an "overweight" rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One equities research 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. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Hold" and a consensus price target of $46.75.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded up $0.51 during midday trading on Thursday, reaching $44.68. 863,311 shares of the company's stock were exchanged, compared to its average volume of 5,122,326. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.82 and a current ratio of 0.80. The stock's 50-day simple moving average is $44.61 and its 200 day simple moving average is $43.27. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.91 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.

Fifth Third Bancorp 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.