Brandywine Global Investment Management LLC Sells 22,322 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Brandywine Global Investment Management LLC trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 7.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 290,690 shares of the financial services provider’s stock after selling 22,322 shares during the period. Brandywine Global Investment Management LLC’s holdings in Fifth Third Bancorp were worth $12,290,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Summit Securities Group LLC bought a new position in Fifth Third Bancorp during the 4th quarter worth approximately $262,000. Schroder Investment Management Group boosted its position in shares of Fifth Third Bancorp by 16.4% during the fourth quarter. Schroder Investment Management Group now owns 1,168,323 shares of the financial services provider’s stock worth $49,478,000 after purchasing an additional 164,260 shares in the last quarter. Allstate Corp acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $838,000. DnB Asset Management AS increased its position in shares of Fifth Third Bancorp by 2.4% in the 4th quarter. DnB Asset Management AS now owns 120,343 shares of the financial services provider’s stock valued at $5,088,000 after buying an additional 2,812 shares in the last quarter. Finally, Premier Fund Managers Ltd raised its stake in Fifth Third Bancorp by 1.6% during the 4th quarter. Premier Fund Managers Ltd now owns 163,200 shares of the financial services provider’s stock worth $6,969,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the subject of several recent analyst reports. Barclays increased their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Wells Fargo & Company dropped their price objective on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Stephens reaffirmed an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $46.64.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Trading Up 1.0 %

Shares of NASDAQ:FITB opened at $39.20 on Tuesday. The company has a 50-day simple moving average of $42.08 and a 200 day simple moving average of $43.52. The company has a market capitalization of $26.19 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.78%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

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.