Fifth Third Bancorp (FITB) Declares $0.33 Dividend

Fifth Third Bancorp said on March 16, 2023 that its board of directors declared a regular quarterly dividend of $0.33 per share ($1.32 annualized). Previously, the company paid $0.33 per share.

Shares must be purchased before the ex-div date of March 30, 2023 to qualify for the dividend. Shareholders of record as of March 31, 2023 will receive the payment on April 17, 2023.

At the current share price of $24.96 / share, the stock's dividend yield is 5.29%. Looking back five years and taking a sample every week, the average dividend yield has been 3.46%, the lowest has been 1.88%, and the highest has been 8.88%. The standard deviation of yields is 1.09 (n=237).

The current dividend yield is 1.69 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.37. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.22%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 64.07% Upside

As of March 17, 2023, the average one-year price target for Fifth Third Bancorp is $40.95. The forecasts range from a low of $36.36 to a high of $49.35. The average price target represents an increase of 64.07% from its latest reported closing price of $24.96.

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The projected annual revenue for Fifth Third Bancorp is $9,526MM, an increase of 21.94%. The projected annual non-GAAP EPS is $4.04.

What is the Fund Sentiment?

There are 1641 funds or institutions reporting positions in Fifth Third Bancorp. This is an increase of 46 owner(s) or 2.88% in the last quarter. Average portfolio weight of all funds dedicated to FITB is 0.23%, a decrease of 0.46%. Total shares owned by institutions decreased in the last three months by 1.11% to 659,703K shares. The put/call ratio of FITB is 0.89, indicating a bullish outlook.

What are Large Shareholders Doing?

Price T Rowe Associates holds 37,477K shares representing 5.50% ownership of the company. In it's prior filing, the firm reported owning 30,415K shares, representing an increase of 18.84%. The firm increased its portfolio allocation in FITB by 24.21% over the last quarter.

Bank Of America holds 33,243K shares representing 4.88% ownership of the company. In it's prior filing, the firm reported owning 30,071K shares, representing an increase of 9.54%. The firm decreased its portfolio allocation in FITB by 99.89% over the last quarter.

Capital World Investors holds 25,946K shares representing 3.81% ownership of the company. In it's prior filing, the firm reported owning 42,831K shares, representing a decrease of 65.08%. The firm decreased its portfolio allocation in FITB by 40.95% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 20,855K shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 20,432K shares, representing an increase of 2.03%. The firm decreased its portfolio allocation in FITB by 3.23% over the last quarter.

Jpmorgan Chase & holds 19,764K shares representing 2.90% ownership of the company. In it's prior filing, the firm reported owning 20,374K shares, representing a decrease of 3.08%. The firm decreased its portfolio allocation in FITB by 8.58% over the last quarter.

Fifth Third Bancorp Background Information
(This description is provided by the company.)

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2020, the Company had $205 billion in assets and operated 1,134 full-service Banking Centers, and 2,397 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2020, had $434 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses.

This story originally appeared on Fintel.