10,545 Shares in Fifth Third Bancorp (NASDAQ:FITB) Acquired by Exencial Wealth Advisors LLC

Key Points

• Exencial Wealth Advisors LLC acquired 10,545 shares of Fifth Third Bancorp, valued at approximately $413,000, indicating growing institutional interest in the bank.
• Fifth Third Bancorp's stock received a range of new price targets from analysts, with Barclays lowering their target to $51, while Wells Fargo raised theirs to $52, reflecting varied market sentiment.
• The company announced a quarterly dividend of $0.37 per share, resulting in an annual yield of 3.6%, alongside a new stock repurchase program approved for up to 100 million shares.

Exencial Wealth Advisors LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,545 shares of the financial services provider's stock, valued at approximately $413,000.

A number of other large investors also recently bought and sold shares of the stock. Commerce Bank increased its holdings in shares of Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after acquiring an additional 282 shares during the period. Orca Wealth Management LLC boosted its stake in Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock valued at $1,384,000 after purchasing an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC grew its position in Fifth Third Bancorp by 3.0% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after purchasing an additional 300 shares during the last quarter. Gotham Asset Management LLC increased its stake in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after purchasing an additional 316 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Fifth Third Bancorp by 0.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock valued at $2,161,000 after buying an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FITB. Cowen assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Barclays decreased their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $41.17 on Friday. The company has a market capitalization of $27.48 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.34 and a beta of 0.91. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $41.19 and a 200-day moving average of $40.03. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's payout ratio is presently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

About Fifth Third Bancorp

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.

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