Morningstar Investment Management LLC Sells 22,251 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Morningstar Investment Management LLC lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 71.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 8,839 shares of the financial services provider’s stock after selling 22,251 shares during the period. Morningstar Investment Management LLC’s holdings in Fifth Third Bancorp were worth $374,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. Boston Common Asset Management LLC increased its position in Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after purchasing an additional 34,203 shares in the last quarter. QRG Capital Management Inc. increased its position in shares of Fifth Third Bancorp by 15.1% during the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after buying an additional 9,444 shares during the period. Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp during the fourth quarter worth $9,878,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after acquiring an additional 55,081 shares in the last quarter. Finally, Smith Group Asset Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth $423,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Citigroup lifted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $44.35 on Thursday. The business has a 50 day simple moving average of $43.62 and a two-hundred day simple moving average of $43.58. Fifth Third Bancorp has a 12 month low of $33.03 and a 12 month high of $49.07. The stock has a market capitalization of $29.74 billion, a P/E ratio of 14.12, a PEG ratio of 1.43 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp’s payout ratio is 47.13%.

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.