Allspring Global Investments Holdings LLC Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,540,483 shares of the financial services provider’s stock after selling 1,139,188 shares during the period. Allspring Global Investments Holdings LLC owned about 1.12% of Fifth Third Bancorp worth $317,987,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FITB. OneDigital Investment Advisors LLC lifted its holdings in Fifth Third Bancorp by 1.1% during the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after purchasing an additional 222 shares during the last quarter. Transamerica Financial Advisors Inc. raised its position in shares of Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 232 shares during the period. Eads & Heald Wealth Management lifted its stake in shares of Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after buying an additional 235 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in Fifth Third Bancorp by 3.6% in the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after buying an additional 236 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after buying an additional 246 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.5 %

Shares of NASDAQ FITB opened at $44.00 on Wednesday. The firm’s fifty day moving average is $43.97 and its 200 day moving average is $43.47. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $29.50 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Analyst Ratings Changes

FITB has been the topic of several recent research reports. DA Davidson increased their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $46.75.

About Fifth Third Bancorp

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.