Jefferies Financial Group Inc. Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Jefferies Financial Group Inc. acquired 52,519 shares of Fifth Third Bancorp, valued at approximately $2,059,000, during the first quarter of the year.
• Fifth Third Bancorp declared a quarterly dividend of $0.37 per share, with an annualized dividend yield of 3.6% and a payout ratio of 45.96%.
• The company has received numerous positive ratings from analysts, with 10 buy ratings and a consensus price target of $47.80.

Jefferies Financial Group Inc. acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 52,519 shares of the financial services provider's stock, valued at approximately $2,059,000.

A number of other large investors have also recently made changes to their positions in the business. US Bancorp DE boosted its position in shares of Fifth Third Bancorp by 3.4% during the first quarter. US Bancorp DE now owns 451,219 shares of the financial services provider's stock valued at $17,688,000 after purchasing an additional 15,031 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Fifth Third Bancorp in the first quarter worth $223,000. Sound View Wealth Advisors Group LLC grew its stake in Fifth Third Bancorp by 2.3% in the first quarter. Sound View Wealth Advisors Group LLC now owns 89,702 shares of the financial services provider's stock worth $3,516,000 after purchasing an additional 2,007 shares during the period. Modera Wealth Management LLC grew its stake in Fifth Third Bancorp by 4.6% in the first quarter. Modera Wealth Management LLC now owns 7,999 shares of the financial services provider's stock worth $314,000 after purchasing an additional 350 shares during the period. Finally, Howard Capital Management Inc. grew its stake in Fifth Third Bancorp by 137.6% in the first quarter. Howard Capital Management Inc. now owns 12,283 shares of the financial services provider's stock worth $481,000 after purchasing an additional 7,113 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on FITB. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Barclays dropped their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Truist Financial dropped their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded down $0.09 during trading on Wednesday, hitting $41.25. 3,844,871 shares of the company's stock were exchanged, compared to its average volume of 5,065,908. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The business's 50-day simple moving average is $41.07 and its 200 day simple moving average is $40.04. The company has a market cap of $27.53 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.34 and a beta of 0.91.

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp announced that its board has initiated a stock repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes 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 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.