Royal London Asset Management Ltd. Increases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Royal London Asset Management Ltd. lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 267,758 shares of the financial services provider’s stock after buying an additional 4,329 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Fifth Third Bancorp were worth $11,321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FITB. PL Capital Advisors LLC raised its stake in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after buying an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $53,508,000. Raymond James Financial Inc. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $38,971,000. Boston Partners raised its stake in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after buying an additional 823,803 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after buying an additional 812,385 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $39.48 on Friday. The stock has a market cap of $26.38 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average price of $42.53 and a 200-day moving average price of $43.57. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. DA Davidson lifted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Morgan Stanley decreased their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.36.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp 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.