Baird Financial Group Inc. Has $29.77 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Baird Financial Group Inc. lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 704,208 shares of the financial services provider's stock after buying an additional 46,730 shares during the quarter. Baird Financial Group Inc. owned about 0.11% of Fifth Third Bancorp worth $29,774,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Boston Common Asset Management LLC raised its position in shares of Fifth Third Bancorp by 12.4% in the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider's stock valued at $13,079,000 after buying an additional 34,203 shares in the last quarter. Boston Partners raised its holdings in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after acquiring an additional 823,803 shares in the last quarter. AMJ Financial Wealth Management lifted its position in shares of Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock valued at $9,843,000 after acquiring an additional 9,401 shares during the period. Banco Santander S.A. acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $357,000. Finally, Lockheed Martin Investment Management Co. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth $9,878,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.5 %

Shares of FITB opened at $37.28 on Tuesday. The stock's 50-day moving average price is $37.42 and its two-hundred day moving average price is $42.06. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a market capitalization of $24.91 billion, a PE ratio of 11.87, a PEG ratio of 1.42 and a beta of 0.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period in the previous year, the firm earned $0.70 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Barclays lowered their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. DA Davidson reduced their target price on Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company lowered their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their price objective on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus price target of $46.24.

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.

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