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

Key Points

• Allspring Global Investments cut its Fifth Third Bancorp stake by 2.6% in the third quarter, selling 208,206 shares; it retained 7.67 million shares valued at about $386.6 million.
• Fifth Third reported quarterly EPS of $1.13, beating the $0.86 consensus, while revenue of $3.28 billion came in below estimates but rose 42.4% year over year.
• The bank raised its quarterly dividend from $0.40 to $0.42 per share, equivalent to $1.68 annually and a reported 3.2% yield. Analysts’ average rating was “Moderate Buy,” with an average price target of $60.87.

Allspring Global Investments Holdings LLC reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,668,650 shares of the financial services provider's stock after selling 208,206 shares during the quarter. Fifth Third Bancorp comprises 0.6% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 27th biggest position. Allspring Global Investments Holdings LLC owned about 0.85% of Fifth Third Bancorp worth $386,577,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Fifth Third Bancorp by 20.2% during the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider's stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the period. Bank of New York Mellon Corp bought a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Bank of America Corp DE bought a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $995,717,000. Dimensional Fund Advisors LP lifted its stake in Fifth Third Bancorp by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider's stock worth $507,151,000 after purchasing an additional 2,569,479 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Fifth Third Bancorp by 16.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider's stock valued at $416,241,000 after purchasing an additional 1,049,520 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ FITB opened at $53.14 on Monday. The stock has a 50 day simple moving average of $52.66 and a two-hundred day simple moving average of $52.15. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50. The stock has a market cap of $48.02 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the previous year, the firm earned $0.91 EPS. The company's quarterly revenue was up 42.4% compared to the same quarter last year. On average, analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.40. Fifth Third Bancorp's dividend payout ratio is currently 57.53%.

Analysts Set New Price Targets

FITB has been the subject of several recent analyst reports. Wolfe Research started coverage on Fifth Third Bancorp in a report on Tuesday, October 27th. They set an "outperform" rating for the company. DA Davidson boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. UBS Group decreased their price target on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Evercore upgraded shares of Fifth Third Bancorp from an "in-line" rating to an "outperform" rating and set a $60.00 price objective on the stock in a research report on Wednesday, October 21st. Finally, Jefferies Financial Group dropped their price objective on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $60.87.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares in the company, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.51% of the company's stock.

Fifth Third Bancorp Profile

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