Entropy Technologies LP Purchases New Shares in Fifth Third Bancorp (NASDAQ:FITB)

Entropy Technologies LP purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 141,829 shares of the financial services provider’s stock, valued at approximately $5,997,000. Fifth Third Bancorp comprises approximately 0.6% of Entropy Technologies LP’s portfolio, making the stock its 25th biggest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $28,490,000. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Fifth Third Bancorp by 76.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after acquiring an additional 575,449 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after acquiring an additional 399,827 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $44.04 on Friday. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The firm has a 50 day moving average of $44.06 and a 200-day moving average of $43.43. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $29.53 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FITB. Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Truist Financial upped their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, DA Davidson upped their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp 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.