Principal Financial Group Inc. Sells 31,400 Shares of Fifth Third Bancorp $FITB

Principal Financial Group Inc. reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.0% in the third quarter, Holdings Channel reports. The institutional investor owned 743,917 shares of the financial services provider’s stock after selling 31,400 shares during the period. Principal Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $33,142,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. AE Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 4.7% in the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the last quarter. Generali Asset Management SPA SGR purchased a new stake in Fifth Third Bancorp in the 3rd quarter valued at $1,314,000. Allspring Global Investments Holdings LLC lifted its stake in Fifth Third Bancorp by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after acquiring an additional 654,746 shares in the last quarter. Huntington National Bank boosted its holdings in Fifth Third Bancorp by 10.9% during the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after acquiring an additional 11,935 shares during the last quarter. Finally, Intact Investment Management Inc. grew its stake in shares of Fifth Third Bancorp by 24.5% in the 3rd quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock worth $5,319,000 after acquiring an additional 23,500 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FITB. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Stephens boosted their price objective on Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Piper Sandler increased their price target on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $53.79 on Friday. The business’s fifty day moving average is $48.51 and its 200 day moving average is $45.11. The firm has a market cap of $35.56 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.09 and a beta of 0.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.36.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The firm had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%. Research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.