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Sequoia Financial Advisors LLC Boosts Stake in Fifth Third Bancorp $FITB

Fifth Third Bancorp logo with Finance background

Key Points

  • Sequoia Financial Advisors LLC increased its stake in Fifth Third Bancorp by 92.6% during the second quarter, boosting its holdings to 29,236 shares valued at $1,202,000.
  • Several hedge funds, including Nuveen LLC and Massachusetts Financial Services, have made significant investments in Fifth Third Bancorp, with over 83.79% of the company's stock owned by institutional investors.
  • Fifth Third Bancorp recently declared a quarterly dividend of $0.40 per share, increasing from its previous dividend of $0.37, representing an annualized yield of 3.9%.
  • Five stocks we like better than Fifth Third Bancorp.

Sequoia Financial Advisors LLC lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 92.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,236 shares of the financial services provider's stock after buying an additional 14,054 shares during the period. Sequoia Financial Advisors LLC's holdings in Fifth Third Bancorp were worth $1,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of FITB. Nuveen LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $334,805,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $113,900,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $40,989,000. Finally, Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock worth $695,265,000 after buying an additional 862,374 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Argus lifted their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. DA Davidson lifted their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Thursday, October 2nd. Finally, Janney Montgomery Scott lifted their target price on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.35.

View Our Latest Stock Report on FITB

Fifth Third Bancorp Price Performance

Shares of FITB opened at $40.89 on Friday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market cap of $27.06 billion, a PE ratio of 12.70, a P/E/G ratio of 1.09 and a beta of 0.95. The firm has a 50-day simple moving average of $44.29 and a two-hundred day simple moving average of $40.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given 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 3.9%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

About Fifth Third Bancorp

(Free Report)

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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