Allspring Global Investments Holdings LLC Reduces Position in Fifth Third Bancorp $FITB

Allspring Global Investments Holdings LLC trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 8,129,201 shares of the financial services provider’s stock after selling 182,462 shares during the period. Fifth Third Bancorp accounts for 0.6% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 21st biggest holding. Allspring Global Investments Holdings LLC’s holdings in Fifth Third Bancorp were worth $380,609,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the period. Harbor Investment Advisory LLC raised 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 worth $29,000 after purchasing an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. UBS Group raised their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada restated an “outperform” rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Fifth Third Bancorp Stock Up 2.3%

FITB stock opened at $59.28 on Friday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s fifty day moving average is $52.84 and its 200 day moving average is $50.56. The firm has a market cap of $53.73 billion, a PE ratio of 19.89, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company’s stock.

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.