Voya Investment Management LLC Has $8.25 Million Stock Holdings in Fifth Third Bancorp $FITB

Voya Investment Management LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 9.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,489 shares of the financial services provider’s stock after purchasing an additional 18,057 shares during the quarter. Voya Investment Management LLC’s holdings in Fifth Third Bancorp were worth $8,251,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FITB. Charles Schwab Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the period. Invesco Ltd. grew its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after buying an additional 862,374 shares during the period. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $334,805,000. Royal Bank of Canada raised its position in shares of Fifth Third Bancorp by 4.5% in the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after acquiring an additional 279,669 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Fifth Third Bancorp by 12.1% during the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider’s stock worth $197,117,000 after acquiring an additional 542,934 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Piper Sandler increased their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.13.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $45.91 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The stock has a market capitalization of $30.39 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.44 and a beta of 0.93. The company has a 50 day moving average of $43.61 and a 200-day moving average of $40.14.

Fifth Third Bancorp announced that its board has initiated a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.5%. Fifth Third Bancorp’s payout ratio is presently 45.96%.

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.