Allspring Global Investments Holdings LLC Sells 34,862 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.5% in the 1st quarter, according to its most recent 13F filing with the SEC. 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 1.12% of Fifth Third Bancorp worth $292,194,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FITB. Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock valued at $912,692,000 after buying an additional 812,385 shares in the last quarter. Geode Capital Management LLC increased its position in Fifth Third Bancorp by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock valued at $715,219,000 after buying an additional 285,910 shares in the last quarter. Boston Partners increased its position in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after buying an additional 823,803 shares in the last quarter. First Trust Advisors LP increased its position in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after buying an additional 1,027,044 shares in the last quarter. Finally, Norges Bank bought a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $371,836,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective for the company in a research report on Monday, April 7th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Citigroup reduced their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $41.51 on Friday. 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 one year low of $32.25 and a one year high of $49.07. The firm has a market capitalization of $27.71 billion, a P/E ratio of 13.18, a PEG ratio of 1.43 and a beta of 0.90. The business has a fifty day moving average of $38.09 and a 200 day moving average of $40.16.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.57%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

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

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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