Fifth Third Bancorp $FITB Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp reduced its holdings in Fifth Third Bancorp by 2.7%, now owning 294,365 shares valued at approximately $12.1 million.
• Fifth Third Bancorp increased its dividend to $0.40 per share, up from $0.37, reflecting an annualized yield of 3.6% and a payout ratio of 49.69%.
• Several analysts have raised their price targets for Fifth Third Bancorp, with Truist Financial and Wells Fargo both setting targets at $52.00, stating a "buy" and "overweight" rating, respectively.

Truist Financial Corp lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 294,365 shares of the financial services provider's stock after selling 8,220 shares during the quarter. Truist Financial Corp's holdings in Fifth Third Bancorp were worth $12,107,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Moody National Bank Trust Division lifted its holdings in Fifth Third Bancorp by 1.5% in the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider's stock valued at $759,000 after acquiring an additional 271 shares during the period. Commerce Bank raised its stake in shares of Fifth Third Bancorp by 0.7% during the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after buying an additional 282 shares during the last quarter. Orca Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after buying an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC raised its stake in shares of Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after buying an additional 300 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its stake in shares of Fifth Third Bancorp by 0.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider's stock worth $3,222,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FITB shares. Truist Financial lifted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Piper Sandler lifted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 10th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a research note on Saturday, September 27th. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Finally, Evercore ISI lifted their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $49.47.

Fifth Third Bancorp Stock Up 0.4%

Shares of NASDAQ:FITB opened at $44.41 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The stock has a market capitalization of $29.39 billion, a P/E ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. The stock has a 50-day simple moving average of $44.10 and a 200-day simple moving average of $40.61.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 49.69%.

Fifth Third Bancorp declared that its board has authorized a share buyback program on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp 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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