Morningstar Investment Management LLC Acquires New Position in Fifth Third Bancorp $FITB

Key Points

• Morningstar Investment Management LLC has acquired a new stake in Fifth Third Bancorp, purchasing 10,078 shares valued at approximately $415,000 during the second quarter.
• The company has announced an increase in its quarterly dividend from $0.37 to $0.40 per share, representing a 3.7% dividend yield.
• Fifth Third Bancorp's stock has received positive ratings from analysts, with a consensus target price of $50.35 and several firms projecting significant price increases.

Morningstar Investment Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 10,078 shares of the financial services provider's stock, valued at approximately $415,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FITB. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at about $27,000. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at about $27,000. Larson Financial Group LLC increased its position in shares of Fifth Third Bancorp by 91.3% during 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 period. BankPlus Trust Department increased its position in shares of Fifth Third Bancorp by 53.0% during 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 period. Finally, Grove Bank & Trust increased its position in shares of Fifth Third Bancorp by 60.7% during 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 period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $43.41 on Wednesday. The firm has a market cap of $28.73 billion, a PE ratio of 13.48, a price-to-earnings-growth ratio of 1.14 and a beta of 0.95. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50 day moving average price of $44.28 and a 200-day moving average price of $40.77.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is currently 49.69%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the company an "overweight" rating in a research report on Tuesday, October 7th. Robert W. Baird boosted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Thursday, October 2nd. Argus boosted their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. DA Davidson boosted their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Finally, Citigroup boosted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $50.35.

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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