Creative Planning increased its position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 8.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 159,377 shares of the financial services provider’s stock after purchasing an additional 12,159 shares during the quarter. Creative Planning’s holdings in Fifth Third Bancorp were worth $4,177,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FITB. Franklin Resources Inc. grew its stake in Fifth Third Bancorp by 15,491.4% in the first quarter. Franklin Resources Inc. now owns 8,875,110 shares of the financial services provider’s stock worth $236,433,000 after purchasing an additional 8,818,187 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Fifth Third Bancorp by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,477,138 shares of the financial services provider’s stock worth $1,229,625,000 after purchasing an additional 7,062,005 shares in the last quarter. Norges Bank purchased a new stake in Fifth Third Bancorp during the fourth quarter worth $185,924,000. BlackRock Inc. lifted its holdings in Fifth Third Bancorp by 6.2% during the first quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock worth $1,565,617,000 after buying an additional 3,448,642 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Fifth Third Bancorp by 45.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,883,809 shares of the financial services provider’s stock worth $236,665,000 after buying an additional 2,794,239 shares during the period. Institutional investors own 77.96% of the company’s stock.
Fifth Third Bancorp Trading Down 0.6 %
NASDAQ:FITB opened at $24.17 on Monday. Fifth Third Bancorp has a 12 month low of $22.11 and a 12 month high of $38.06. The firm has a fifty day simple moving average of $26.43 and a 200-day simple moving average of $26.29. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $16.46 billion, a P/E ratio of 6.87, a PEG ratio of 0.88 and a beta of 1.20.
Fifth Third Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be issued a $0.35 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.40 dividend on an annualized basis and a yield of 5.79%. Fifth Third Bancorp’s payout ratio is presently 39.77%.
Wall Street Analysts Forecast Growth
FITB has been the subject of a number of analyst reports. Citigroup restated a “neutral” rating and set a $31.00 target price on shares of Fifth Third Bancorp in a report on Monday, September 18th. Piper Sandler lowered their target price on Fifth Third Bancorp from $32.00 to $31.00 in a report on Thursday, June 15th. Stephens restated an “overweight” rating and set a $31.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 21st. Wells Fargo & Company lowered their target price on Fifth Third Bancorp from $40.00 to $35.00 in a report on Thursday, June 15th. Finally, Morgan Stanley restated an “equal weight” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.50.
View Our Latest Report on FITB
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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