Sumitomo Mitsui DS Asset Management Company Ltd Buys 665 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,516 shares of the financial services provider’s stock after acquiring an additional 665 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fifth Third Bancorp were worth $3,108,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FITB. Charles Schwab Investment Management Inc. raised its holdings 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 worth $889,978,000 after purchasing an additional 732,651 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after buying an additional 399,827 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares in the last quarter. Smead Capital Management Inc. lifted its position in Fifth Third Bancorp by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after acquiring an additional 75,024 shares during the last quarter. Finally, Zacks Investment Management grew its holdings in Fifth Third Bancorp by 10.0% in the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock worth $74,450,000 after purchasing an additional 158,067 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $44.04 on Monday. 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 company has a 50 day moving average price of $44.06 and a 200-day moving average price of $43.45. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The firm has a market cap of $29.53 billion, a price-to-earnings 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.36%. Fifth Third Bancorp’s payout ratio is 47.13%.

Analyst Ratings Changes

Several analysts have recently commented on the company. DA Davidson increased their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial upped their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. 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 company. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus 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.