Allspring Global Investments Holdings LLC Sells 1,139,188 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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’s holdings in Fifth Third Bancorp were worth $317,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Kentucky Trust Co purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $987,000. Axecap Investments LLC increased its stake in shares of Fifth Third Bancorp by 7.7% during the fourth quarter. Axecap Investments LLC now owns 54,391 shares of the financial services provider’s stock valued at $2,300,000 after purchasing an additional 3,873 shares in the last quarter. Sapient Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 1,334.4% during the fourth quarter. Sapient Capital LLC now owns 302,550 shares of the financial services provider’s stock valued at $12,904,000 after purchasing an additional 281,458 shares during the last quarter. Equitable Trust Co. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $725,000. Finally, Savant Capital LLC boosted its position in shares of Fifth Third Bancorp by 10.6% in the 4th quarter. Savant Capital LLC now owns 21,906 shares of the financial services provider’s stock worth $926,000 after purchasing an additional 2,104 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $44.00 on Wednesday. The company has a market capitalization of $29.50 billion, a price-to-earnings ratio of 14.01, a PEG 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. The stock’s 50-day simple moving average is $43.97 and its 200-day simple moving average is $43.47. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed 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. This represents a $1.48 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. 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. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, DA Davidson upped their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $46.75.

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.