Allspring Global Investments Holdings LLC Sells 74,082 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Allspring Global Investments Holdings LLC trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,796,797 shares of the financial services provider's stock after selling 74,082 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.29% of Fifth Third Bancorp worth $303,402,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FITB. Fairfield Bush & CO. grew its position in Fifth Third Bancorp by 1.4% during the first quarter. Fairfield Bush & CO. now owns 36,482 shares of the financial services provider's stock valued at $1,570,000 after acquiring an additional 502 shares during the last quarter. Aviva PLC grew its position in Fifth Third Bancorp by 22.0% during the first quarter. Aviva PLC now owns 255,764 shares of the financial services provider's stock valued at $11,008,000 after acquiring an additional 46,064 shares during the last quarter. Prudential PLC bought a new position in Fifth Third Bancorp during the first quarter valued at approximately $754,000. Cetera Investment Advisers grew its position in Fifth Third Bancorp by 13.0% during the first quarter. Cetera Investment Advisers now owns 54,958 shares of the financial services provider's stock valued at $2,365,000 after acquiring an additional 6,341 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its stake in shares of Fifth Third Bancorp by 60.8% during the first quarter. Candriam Luxembourg S.C.A. now owns 121,378 shares of the financial services provider's stock valued at $5,224,000 after purchasing an additional 45,910 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Evercore ISI increased their price objective on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an "in-line" rating in a research note on Thursday, March 28th. UBS Group reaffirmed a "neutral" rating and issued a $39.00 price target (down previously from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday. The Goldman Sachs Group raised their price target on Fifth Third Bancorp from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Monday, December 18th. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, March 28th. Finally, Royal Bank of Canada raised their price target on Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $35.44.

Insider Activity

In other news, EVP Jude Schramm sold 5,000 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the sale, the executive vice president now owns 139,422 shares of the company's stock, valued at approximately $5,072,172.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO James C. Leonard sold 26,500 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the sale, the chief operating officer now directly owns 229,344 shares of the company's stock, valued at approximately $8,407,751.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the sale, the executive vice president now directly owns 139,422 shares of the company's stock, valued at $5,072,172.36. The disclosure for this sale can be found here. Insiders own 0.50% of the company's stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $0.87 during mid-day trading on Monday, reaching $36.17. The company's stock had a trading volume of 3,783,914 shares, compared to its average volume of 5,446,790. Fifth Third Bancorp has a 12-month low of $22.46 and a 12-month high of $37.41. The firm's fifty day moving average price is $35.01 and its two-hundred day moving average price is $31.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96. The stock has a market cap of $24.64 billion, a P/E ratio of 10.93, a PEG ratio of 1.35 and a beta of 1.27.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, January 19th. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.22. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the firm earned $1.04 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post 3.18 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Wednesday, March 27th. Fifth Third Bancorp's payout ratio is currently 43.34%.

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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