Sumitomo Mitsui Trust Group Inc. Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,495,952 shares of the financial services provider's stock after selling 235,704 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Fifth Third Bancorp worth $63,249,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $25,000. Venturi Wealth Management LLC grew its holdings in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock worth $29,000 after purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the third quarter worth about $36,000. Y.D. More Investments Ltd grew its holdings in shares of Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock worth $35,000 after purchasing an additional 449 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in Fifth Third Bancorp during the 3rd quarter worth approximately $39,000. 83.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on FITB shares. DA Davidson upped their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, January 23rd. Royal Bank of Canada restated an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday. StockNews.com cut shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Barclays boosted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Piper Sandler reiterated 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $46.75.

Fifth Third Bancorp Stock Performance

FITB stock traded up $0.15 on Thursday, hitting $43.58. The company had a trading volume of 3,913,443 shares, compared to its average volume of 4,683,798. The stock has a market cap of $29.22 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 12-month low of $33.03 and a 12-month high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock's 50-day simple moving average is $43.84 and its 200 day simple moving average is $43.49.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given 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 is 47.13%.

Fifth Third Bancorp Company 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.