Fifth Third Bancorp $FITB Shares Purchased by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Fifth Third Bancorp by 9.4% during the first quarter, now holding 210,489 shares valued at $8.25 million.
• Fifth Third Bancorp's dividend has increased from $0.37 to $0.40 per share, with a new annualized yield of 3.5%, payable on October 15th.
• Wall Street analysts generally view Fifth Third Bancorp positively, with a Moderate Buy rating and an average target price of $48.13.

Voya Investment Management LLC increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 9.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 210,489 shares of the financial services provider's stock after buying an additional 18,057 shares during the quarter. Voya Investment Management LLC's holdings in Fifth Third Bancorp were worth $8,251,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH lifted its position in Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after buying an additional 16,000 shares in the last quarter. Principal Financial Group Inc. lifted its position in Fifth Third Bancorp by 1.6% during the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock worth $32,088,000 after buying an additional 12,905 shares in the last quarter. Heartland Bank & Trust Co purchased a new position in Fifth Third Bancorp during the first quarter worth approximately $1,011,000. U.S. Capital Wealth Advisors LLC lifted its position in Fifth Third Bancorp by 49.5% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock worth $1,858,000 after buying an additional 15,692 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its position in Fifth Third Bancorp by 1,448.6% during the first quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock worth $3,845,000 after buying an additional 91,754 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Piper Sandler lifted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $48.13.

Fifth Third Bancorp Stock Down 0.4%

Shares of NASDAQ:FITB traded down $0.20 on Friday, hitting $46.08. 8,455,666 shares of the company's stock were exchanged, compared to its average volume of 4,085,903. The firm's 50-day moving average is $43.70 and its 200 day moving average is $40.19. The company has a market capitalization of $30.50 billion, a PE ratio of 14.31, a P/E/G ratio of 1.48 and a beta of 0.93. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year 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.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.5%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its board has initiated a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is 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.