Fifth Third Bancorp $FITB Stake Decreased by Aberdeen Group plc

Aberdeen Group plc cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 542,501 shares of the financial services provider’s stock after selling 15,995 shares during the period. Aberdeen Group plc’s holdings in Fifth Third Bancorp were worth $23,867,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock worth $3,448,743,000 after acquiring an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after purchasing an additional 398,517 shares during the period. Invesco Ltd. lifted its holdings in Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Geode Capital Management LLC grew its position in Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after buying an additional 619,956 shares in the last quarter. Finally, Norges Bank acquired a new position in Fifth Third Bancorp during the 2nd quarter valued at about $357,440,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FITB shares. UBS Group reaffirmed a “buy” rating and issued a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. TD Cowen reissued a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Citigroup increased their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Janney Montgomery Scott lifted their price target on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

Fifth Third Bancorp Trading Up 0.4%

Fifth Third Bancorp stock opened at $53.06 on Wednesday. The firm has a market cap of $35.08 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44. The firm’s 50 day moving average price is $49.97 and its two-hundred day moving average price is $45.80. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%. On average, research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.20%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.