Legal & General Group Plc Has $177.17 Million Position in Fifth Third Bancorp $FITB

Legal & General Group Plc boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,307,482 shares of the financial services provider’s stock after purchasing an additional 7,817 shares during the quarter. Legal & General Group Plc owned 0.65% of Fifth Third Bancorp worth $177,167,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $334,805,000. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Fifth Third Bancorp in the second quarter valued at about $52,643,000. Finally, Invesco Ltd. lifted its position in shares of Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Argus increased their price objective on shares of Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. Cowen restated a “buy” rating on shares of Fifth Third Bancorp in a report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. Citigroup upped their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, Piper Sandler decreased their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned 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 price target of $50.35.

Fifth Third Bancorp Stock Up 2.8%

FITB stock opened at $42.42 on Monday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $28.04 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. The firm has a 50-day moving average price of $43.15 and a 200-day moving average price of $42.14.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $0.78 earnings per share. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is 47.76%.

Insider Buying and Selling

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

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.