Morningstar Investment Management LLC Sells 22,251 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Morningstar Investment Management LLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 71.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,839 shares of the financial services provider’s stock after selling 22,251 shares during the period. Morningstar Investment Management LLC’s holdings in Fifth Third Bancorp were worth $374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $28,490,000. Teachers Retirement System of The State of Kentucky grew its stake in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after acquiring an additional 575,449 shares during the period. Franklin Resources Inc. grew its stake in Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after acquiring an additional 409,292 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at $12,895,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays raised their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Citigroup lifted their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. 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. Finally, Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $44.35 on Thursday. Fifth Third Bancorp has a fifty-two week low of $33.03 and a fifty-two week high of $49.07. The firm has a market cap of $29.74 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.43 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $43.62 and a 200 day simple moving average of $43.58.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp’s payout ratio is currently 47.13%.

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.