Csenge Advisory Group Cuts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Csenge Advisory Group lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,666 shares of the financial services provider’s stock after selling 1,384 shares during the period. Csenge Advisory Group’s holdings in Fifth Third Bancorp were worth $1,635,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FITB. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $28,490,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of Fifth Third Bancorp by 76.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after buying an additional 575,449 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after buying an additional 409,292 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after buying an additional 399,827 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $44.06 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $29.54 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The business’s 50-day moving average price is $43.70 and its 200-day moving average price is $43.51. Fifth Third Bancorp has a 12 month low of $33.03 and a 12 month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Citigroup increased their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.75.

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.