Sumitomo Mitsui Trust Group Inc. Sells 60,476 Shares of Fifth Third Bancorp $FITB

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in Fifth Third Bancorp by 3.9%, selling 60,476 shares and leaving it with 1,470,566 shares valued at about $68.84 million (≈0.22% of the company).
• Fifth Third declared a quarterly dividend of $0.40 per share (annualized $1.60), payable April 15 with an ex-dividend date of March 31, implying a yield of about 3.2% and a payout ratio of 45.2%.
• Analyst sentiment is positive with a consensus rating of "Moderate Buy" and an average price target of $56.41, as multiple firms (including Weiss, TD Cowen, Goldman Sachs and Barclays) have issued buy/overweight ratings or raised targets.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,470,566 shares of the financial services provider's stock after selling 60,476 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Fifth Third Bancorp worth $68,837,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp in the second quarter valued at about $26,000. Westside Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after purchasing an additional 292 shares during the last quarter. Harbor Investment Advisory LLC increased its stake in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after buying an additional 517 shares during the period. United Community Bank raised its holdings in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after buying an additional 581 shares during the last quarter. Finally, Beacon Financial Strategies CORP bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.1%

NASDAQ:FITB opened at $49.77 on Wednesday. Fifth Third Bancorp has a 52 week low of $32.79 and a 52 week high of $55.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm's fifty day moving average is $48.92 and its 200-day moving average is $46.75. The firm has a market cap of $45.07 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.02 and a beta of 0.95.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is 45.20%.

Analyst Ratings Changes

A number of research firms have weighed in on FITB. Weiss Ratings raised shares of Fifth Third Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, February 26th. TD Cowen reiterated a "buy" rating and set a $60.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. The Goldman Sachs Group initiated coverage on shares of Fifth Third Bancorp in a research note on Tuesday, April 7th. They issued a "buy" rating and a $55.00 price objective on the stock. Janney Montgomery Scott increased their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a "buy" rating in a report on Wednesday, January 21st. Finally, Barclays lifted their target price on Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an "overweight" rating in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $56.41.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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