Charles Schwab Investment Management Inc. Purchases 812,385 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,586,847 shares of the financial services provider’s stock after purchasing an additional 812,385 shares during the period. Charles Schwab Investment Management Inc. owned 3.22% of Fifth Third Bancorp worth $912,692,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Common Asset Management LLC raised its position in shares of 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 valued at $13,079,000 after purchasing an additional 34,203 shares during the period. QRG Capital Management Inc. raised its position in shares of Fifth Third Bancorp by 15.1% during the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 9,444 shares during the period. Lockheed Martin Investment Management Co. bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $9,878,000. Smith Group Asset Management LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $423,000. Finally, Icon Wealth Advisors LLC bought a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $541,000. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of research reports. Citigroup lifted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price target 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. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Price Performance

FITB stock opened at $43.05 on Tuesday. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. 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 company has a 50-day moving average price of $43.44 and a 200 day moving average price of $43.82. The stock has a market cap of $28.65 billion, a PE ratio of 13.71, a P/E/G ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Insider Buying and Selling

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were 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 directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

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.