Stoneridge Investment Partners LLC Acquires New Position in Fifth Third Bancorp (NASDAQ:FITB)

Stoneridge Investment Partners LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,677 shares of the financial services provider’s stock, valued at approximately $790,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in Fifth Third Bancorp by 3.7% in the third 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 acquiring an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $28,490,000. Teachers Retirement System of The State of Kentucky boosted its stake in Fifth Third Bancorp by 76.2% in the third 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. boosted its stake in 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 acquiring an additional 409,292 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in 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 acquiring an additional 399,827 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $44.04 on Friday. The company’s fifty day moving average is $44.06 and its two-hundred day moving average is $43.43. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The company has a market cap of $29.53 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FITB shares. Citigroup boosted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. 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. Truist Financial boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Company Profile

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.