Franklin Resources Inc. Purchases 690,648 Shares of Fifth Third Bancorp $FITB

Franklin Resources Inc. grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 9.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,931,624 shares of the financial services provider’s stock after buying an additional 690,648 shares during the quarter. Franklin Resources Inc. owned 1.20% of Fifth Third Bancorp worth $353,354,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC raised its position in Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP boosted its holdings in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares in the last quarter. Savant Capital LLC increased its stake in shares of Fifth Third Bancorp by 5.0% in the 2nd quarter. Savant Capital LLC now owns 23,607 shares of the financial services provider’s stock valued at $971,000 after purchasing an additional 1,122 shares during the last quarter. Penserra Capital Management LLC increased its stake in shares of Fifth Third Bancorp by 10.7% in the 2nd quarter. Penserra Capital Management LLC now owns 3,622 shares of the financial services provider’s stock valued at $148,000 after purchasing an additional 349 shares during the last quarter. Finally, Prospera Financial Services Inc raised its holdings in shares of Fifth Third Bancorp by 2.8% during the 2nd quarter. Prospera Financial Services Inc now owns 31,442 shares of the financial services provider’s stock worth $1,294,000 after buying an additional 869 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $45.06 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The stock has a market cap of $40.64 billion, a PE ratio of 12.73, a PEG ratio of 0.95 and a beta of 0.96. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.44. The business has a 50-day simple moving average of $50.60 and a two-hundred day simple moving average of $46.61.

Analysts Set New Price Targets

Several brokerages recently weighed in on FITB. Citigroup upped their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada boosted their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Weiss Ratings raised shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 26th. Stephens raised their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $60.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $56.91.

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.