Fifth Third Bancorp $FITB Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,520,357 shares of the financial services provider’s stock after purchasing an additional 42,625 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Fifth Third Bancorp worth $62,532,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after purchasing an additional 1,321,554 shares in the last quarter. Invesco Ltd. grew its holdings in Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after purchasing an additional 862,374 shares in the last quarter. Nuveen LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter valued at $334,805,000. Allspring Global Investments Holdings LLC grew its holdings in Fifth Third Bancorp by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after purchasing an additional 654,746 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in Fifth Third Bancorp by 4.5% during the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after purchasing an additional 279,669 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Evan Bayh bought 3,000 shares of the stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of research analyst reports. Piper Sandler reduced their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Citigroup raised their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Wolfe Research raised their price target on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Truist Financial raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Janney Montgomery Scott raised their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.45.

Fifth Third Bancorp Trading Up 1.3%

Shares of NASDAQ:FITB opened at $42.63 on Monday. The company has a market cap of $28.22 billion, a PE ratio of 12.73, a P/E/G ratio of 1.16 and a beta of 0.95. The company’s 50-day moving average price is $44.25 and its 200 day moving average price is $41.13. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.06. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. Fifth Third Bancorp’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $0.78 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

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.