Prudential PLC Acquires 121,811 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Prudential PLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 856.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 136,040 shares of the financial services provider’s stock after purchasing an additional 121,811 shares during the quarter. Prudential PLC’s holdings in Fifth Third Bancorp were worth $5,752,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after purchasing an additional 812,385 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after buying an additional 285,910 shares in the last quarter. Boston Partners boosted its holdings in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after buying an additional 823,803 shares during the period. Norges Bank purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $371,836,000. Finally, Franklin Resources Inc. raised its holdings in Fifth Third Bancorp by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 5,763,716 shares of the financial services provider’s stock valued at $243,690,000 after acquiring an additional 287,342 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $33.75 on Friday. The stock has a 50 day moving average price of $41.50 and a 200-day moving average price of $43.36. Fifth Third Bancorp has a one year low of $32.75 and a one year high of $49.07. The stock has a market cap of $22.55 billion, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FITB. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Stephens reaffirmed an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Wells Fargo & Company lowered their target price on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $48.19.

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.