Allspring Global Investments Holdings LLC Increases Position in Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 4.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,679,671 shares of the financial services provider’s stock after purchasing an additional 399,827 shares during the quarter. Fifth Third Bancorp comprises 0.6% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 27th largest position. Allspring Global Investments Holdings LLC’s holdings in Fifth Third Bancorp were worth $371,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FITB. Nomura Holdings Inc. purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $474,000. Mather Group LLC. bought a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $56,000. Wedmont Private Capital lifted its stake in shares of Fifth Third Bancorp by 11.4% in the first quarter. Wedmont Private Capital now owns 7,098 shares of the financial services provider’s stock worth $258,000 after buying an additional 728 shares in the last quarter. Park Avenue Securities LLC lifted its stake in shares of Fifth Third Bancorp by 1.6% in the first quarter. Park Avenue Securities LLC now owns 63,074 shares of the financial services provider’s stock worth $2,347,000 after buying an additional 976 shares in the last quarter. Finally, Steph & Co. lifted its stake in shares of Fifth Third Bancorp by 22.4% in the first quarter. Steph & Co. now owns 3,374 shares of the financial services provider’s stock worth $126,000 after buying an additional 618 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,000 shares of company stock valued at $2,169,920 over the last three months. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.70 during midday trading on Friday, reaching $44.67. The stock had a trading volume of 8,966,615 shares, compared to its average volume of 4,611,702. The stock has a 50-day moving average of $42.15 and a 200-day moving average of $39.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $30.56 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.31%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FITB. Bank of America upped their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. Argus increased their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Evercore ISI increased their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $41.78.

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.