Principal Financial Group Inc. Has $33.14 Million Position in Fifth Third Bancorp $FITB

Principal Financial Group Inc. reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 743,917 shares of the financial services provider’s stock after selling 31,400 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Fifth Third Bancorp worth $33,142,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. AE Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 4.7% during the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after buying an additional 15,627 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $1,314,000. Allspring Global Investments Holdings LLC grew its position in Fifth Third Bancorp by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after acquiring an additional 654,746 shares during the last quarter. Huntington National Bank increased its holdings in Fifth Third Bancorp by 10.9% in the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after purchasing an additional 11,935 shares in the last quarter. Finally, Intact Investment Management Inc. raised its position in Fifth Third Bancorp by 24.5% in the third quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after purchasing an additional 23,500 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Piper Sandler boosted their price target on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Citigroup upped their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Evercore ISI increased their price objective on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a report on Thursday. Finally, Argus lifted their target price on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Trading Down 0.6%

NASDAQ FITB opened at $53.79 on Friday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $55.36. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50 day simple moving average of $48.51 and a 200 day simple moving average of $45.11. The stock has a market capitalization of $35.56 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.09 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The company had revenue of $3.82 billion during the quarter. Research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.