Fifth Third Bancorp (NASDAQ:FITB) Stock Position Lessened by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,465 shares of the financial services provider's stock after selling 6,425 shares during the quarter. State of Alaska Department of Revenue's holdings in Fifth Third Bancorp were worth $3,232,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Boston Common Asset Management LLC boosted its holdings in Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider's stock valued at $13,079,000 after purchasing an additional 34,203 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider's stock valued at $3,078,000 after buying an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. acquired a new position in Fifth Third Bancorp during the fourth quarter worth $9,878,000. Mirae Asset Global Investments Co. Ltd. raised its position in Fifth Third Bancorp by 13.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider's stock worth $19,776,000 after acquiring an additional 55,081 shares in the last quarter. Finally, Smith Group Asset Management LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at $423,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FITB. StockNews.com cut shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday. Baird R W lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, October 21st. Finally, DA Davidson raised their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Hold" and a consensus price target of $46.75.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $0.15 during trading hours on Thursday, reaching $43.58. 3,913,443 shares of the stock were exchanged, compared to its average volume of 4,683,798. The firm has a 50 day simple moving average of $43.84 and a 200-day simple moving average of $43.49. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07. The stock has a market capitalization of $29.22 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.44 and a beta of 1.23. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.40%. Fifth Third Bancorp's dividend payout ratio (DPR) is 47.13%.

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.