Conning Inc. Decreases Stake in Fifth Third Bancorp $FITB

Conning Inc. lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,902 shares of the financial services provider’s stock after selling 398 shares during the period. Conning Inc.’s holdings in Fifth Third Bancorp were worth $202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FITB. Nuveen LLC purchased a new position in shares of Fifth Third Bancorp during the first quarter worth $334,805,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Fifth Third Bancorp during the first quarter worth $113,900,000. Charles Schwab Investment Management Inc. raised its holdings 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 worth $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Alecta Tjanstepension Omsesidigt purchased a new position in shares of Fifth Third Bancorp during the first quarter worth $40,989,000. Finally, Invesco Ltd. raised its holdings 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 worth $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FITB. TD Cowen raised their target price on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Wolfe Research lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. The Goldman Sachs Group lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Janney Montgomery Scott lifted their price objective on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $50.20.

Fifth Third Bancorp Stock Down 5.3%

FITB opened at $41.47 on Monday. The company has a fifty day moving average of $44.23 and a two-hundred day moving average of $40.73. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock has a market capitalization of $27.45 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.12 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback plan 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 plans are typically an indication that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.69%.

About Fifth Third Bancorp

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.