Silver Oak Securities Incorporated Buys New Shares in Fifth Third Bancorp (NASDAQ:FITB)

Silver Oak Securities Incorporated purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 5,918 shares of the financial services provider’s stock, valued at approximately $253,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FITB. Charles Schwab Investment Management Inc. boosted its position in Fifth Third Bancorp by 3.7% during 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 purchasing an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth about $28,490,000. Teachers Retirement System of The State of Kentucky boosted its holdings 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 worth $57,005,000 after buying an additional 575,449 shares during the period. Franklin Resources Inc. grew its stake in Fifth Third Bancorp by 8.1% in 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 raised its holdings in Fifth Third Bancorp by 4.8% in 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 acquiring an additional 399,827 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 0.6 %

Shares of Fifth Third Bancorp stock opened at $44.04 on Monday. The firm’s 50 day moving average is $44.06 and its 200 day moving average is $43.45. The firm has a market capitalization of $29.53 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07.

Fifth Third Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on FITB. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Barclays raised 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 report on Monday, January 6th. Finally, Citigroup boosted their price objective 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus 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.