Allspring Global Investments Holdings LLC Decreases Stock Position in Fifth Third Bancorp $FITB

Allspring Global Investments Holdings LLC trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,129,201 shares of the financial services provider’s stock after selling 182,462 shares during the quarter. Fifth Third Bancorp accounts for approximately 0.6% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 21st largest position. Allspring Global Investments Holdings LLC owned 0.90% of Fifth Third Bancorp worth $380,609,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $25,000. SouthState Bank Corp lifted its stake in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new position in Fifth Third Bancorp during the 4th quarter valued at $29,000. Finally, Leonteq Securities AG purchased a new position in Fifth Third Bancorp during the 4th quarter valued at $30,000. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. UBS Group lifted their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Finally, Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Fifth Third Bancorp Stock Performance

FITB stock opened at $59.28 on Friday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The firm has a market cap of $53.73 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a 50-day simple moving average of $52.84 and a two-hundred day simple moving average of $50.56.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the previous year, the firm earned $0.71 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Insiders Place Their Bets

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is owned by company insiders.

Fifth Third Bancorp Profile

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.