Brandywine Global Investment Management LLC lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 947,463 shares of the financial services provider’s stock after purchasing an additional 13,250 shares during the period. Brandywine Global Investment Management LLC’s holdings in Fifth Third Bancorp were worth $28,747,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in Fifth Third Bancorp by 4.0% during the 3rd quarter. Victory Capital Management Inc. now owns 216,288 shares of the financial services provider’s stock worth $6,052,000 after acquiring an additional 8,282 shares during the period. Chicago Equity Partners LLC acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth about $231,000. Stevens Capital Management LP acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth about $1,589,000. American Century Companies Inc. acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth about $642,000. Finally, Principal Financial Group Inc. boosted its position in Fifth Third Bancorp by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,555,947 shares of the financial services provider’s stock worth $43,536,000 after acquiring an additional 83,205 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.
Fifth Third Bancorp (NASDAQ FITB) opened at $34.21 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.99. Fifth Third Bancorp has a one year low of $23.20 and a one year high of $34.22. The firm has a market capitalization of $24,530.00, a P/E ratio of 13.47, a P/E/G ratio of 1.86 and a beta of 1.31.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Wednesday, March 28th. Fifth Third Bancorp’s payout ratio is 25.20%.
Fifth Third Bancorp declared that its Board of Directors has approved a stock buyback program on Tuesday, February 27th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently issued reports on FITB shares. Macquarie lowered Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $28.47 to $26.00 in a report on Friday, November 17th. Oppenheimer reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Thursday, December 7th. Royal Bank of Canada reiterated a “buy” rating on shares of Fifth Third Bancorp in a report on Sunday, December 10th. BMO Capital Markets reiterated a “hold” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a report on Friday, December 8th. Finally, Morgan Stanley lifted their price target on Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.70.
In other Fifth Third Bancorp news, CEO Greg D. Carmichael sold 87,613 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $32.37, for a total value of $2,836,032.81. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP James C. Leonard sold 35,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $33.80, for a total value of $1,183,000.00. Following the completion of the transaction, the executive vice president now directly owns 101,091 shares in the company, valued at $3,416,875.80. The disclosure for this sale can be found here. Insiders sold a total of 179,410 shares of company stock worth $5,879,506 over the last three months. 0.38% of the stock is owned by company insiders.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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