Hartford Investment Management Co. Lowers Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Hartford Investment Management Co. lessened its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,782 shares of the financial services provider’s stock after selling 811 shares during the quarter. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $1,767,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after purchasing an additional 732,651 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after purchasing an additional 399,827 shares during the period. Franklin Resources Inc. grew its holdings in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after purchasing an additional 409,292 shares in the last quarter. Smead Capital Management Inc. increased its stake in Fifth Third Bancorp by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock worth $95,278,000 after buying an additional 75,024 shares during the period. Finally, Zacks Investment Management lifted its holdings in Fifth Third Bancorp by 10.0% during the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock worth $74,450,000 after buying an additional 158,067 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $43.58 on Friday. The stock has a market cap of $29.22 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a twelve month low of $33.03 and a twelve month high of $49.07. The stock has a 50 day moving average of $43.84 and a two-hundred day moving average of $43.49. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday. DA Davidson boosted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.75.

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.