LGT Fund Management Co Ltd. Sells 2,768 Shares of Fifth Third Bancorp $FITB

LGT Fund Management Co Ltd. lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 32.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,839 shares of the financial services provider’s stock after selling 2,768 shares during the period. LGT Fund Management Co Ltd.’s holdings in Fifth Third Bancorp were worth $240,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 6.1% during the first 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 acquiring an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $40,989,000. Finally, Invesco Ltd. increased 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 valued at $695,265,000 after acquiring an additional 862,374 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FITB shares. Truist Financial lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Wolfe Research lifted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.47.

Fifth Third Bancorp Stock Up 0.4%

Shares of FITB stock opened at $44.41 on Friday. The stock has a market cap of $29.39 billion, a P/E ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company’s fifty day simple moving average is $44.10 and its two-hundred day simple moving average is $40.61.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase program on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.