10,670 Shares in Fifth Third Bancorp (NASDAQ:FITB) Bought by R Squared Ltd

Key Points

• R Squared Ltd acquired 10,670 shares of Fifth Third Bancorp in the first quarter, valued at approximately $418,000.
• Fifth Third Bancorp has announced a share repurchase plan to buy back 100 million outstanding shares, indicating the board's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, representing a yield of 3.6% and a payout ratio of 45.96%.

R Squared Ltd bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 10,670 shares of the financial services provider's stock, valued at approximately $418,000.

A number of other large investors also recently added to or reduced their stakes in the business. First Trust Advisors LP increased its position in shares of Fifth Third Bancorp by 12.1% during the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after buying an additional 1,027,044 shares during the period. Northern Trust Corp increased its position in shares of Fifth Third Bancorp by 12.7% during the fourth quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock valued at $299,111,000 after buying an additional 798,663 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fifth Third Bancorp by 15.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,229,103 shares of the financial services provider's stock worth $178,806,000 after purchasing an additional 564,860 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Fifth Third Bancorp in the first quarter worth about $113,900,000. Finally, Hsbc Holdings PLC grew its holdings in Fifth Third Bancorp by 14.0% in the fourth quarter. Hsbc Holdings PLC now owns 2,276,130 shares of the financial services provider's stock worth $96,290,000 after purchasing an additional 279,596 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

A number of 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 price objective on the stock. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ FITB traded down $0.09 during trading hours on Tuesday, hitting $41.34. 3,558,528 shares of the stock were exchanged, compared to its average volume of 5,074,272. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market cap of $27.59 billion, a PE ratio of 12.84, a PEG ratio of 1.33 and a beta of 0.91. The firm has a fifty day moving average price of $41.00 and a 200-day moving average price of $40.03. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp Dividend Announcement

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

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp 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.