Allspring Global Investments Holdings LLC Has $292.19 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC decreased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,505,621 shares of the financial services provider's stock after selling 34,862 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.12% of Fifth Third Bancorp worth $292,194,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp in the first quarter worth $27,000. Quarry LP bought a new stake in Fifth Third Bancorp during the 4th quarter worth about $29,000. REAP Financial Group LLC lifted its position in Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after buying an additional 487 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares in the last quarter. Finally, Ethos Financial Group LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $39,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded up $1.31 during mid-day trading on Tuesday, reaching $42.44. 5,033,423 shares of the company were exchanged, compared to its average volume of 4,917,701. The company has a fifty day simple moving average of $38.24 and a 200-day simple moving average of $40.05. The firm has a market cap of $28.33 billion, a PE ratio of 13.47, a PEG ratio of 1.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the previous year, the firm earned $0.70 earnings per share. As a group, equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Analysts Set New Price Targets

A number of research firms have weighed in on FITB. JPMorgan Chase & Co. decreased their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Truist Financial lowered their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Finally, Stephens reaffirmed an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $47.53.

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.