Fifth Third Bancorp $FITB Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Fifth Third Bancorp by 8.7%, owning over 8.16 million shares, valued at approximately $346 million.
• Analysts have upgraded their target prices for Fifth Third Bancorp, with Citigroup raising it to $50 and Goldman Sachs increasing it to $51, reflecting positive sentiment about the stock.
• Fifth Third Bancorp announced a quarterly dividend increase to $0.40 per share and initiated a share repurchase program allowing for the buyback of up to 100 million shares.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,160,367 shares of the financial services provider's stock after buying an additional 654,746 shares during the period. Fifth Third Bancorp makes up 0.6% of Allspring Global Investments Holdings LLC's holdings, making the stock its 28th largest position. Allspring Global Investments Holdings LLC owned approximately 1.22% of Fifth Third Bancorp worth $346,326,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. HWG Holdings LP purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp in the first quarter valued at approximately $27,000. Larson Financial Group LLC boosted its position in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after buying an additional 357 shares during the last quarter. BankPlus Trust Department boosted its position in Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider's stock valued at $34,000 after buying an additional 290 shares during the last quarter. Finally, Grove Bank & Trust boosted its position in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after buying an additional 335 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FITB shares. Citigroup upped their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. DA Davidson raised their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. TD Cowen raised their target price on Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Finally, Piper Sandler dropped their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.20.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $41.47 on Monday. The company has a market capitalization of $27.45 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.12 and a beta of 0.95. The business's 50 day moving average is $44.23 and its two-hundred day moving average is $40.73. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 49.69%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.

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