53,000 Shares in Fifth Third Bancorp $FITB Acquired by McElhenny Sheffield Capital Management LLC

Key Points

• McElhenny Sheffield Capital Management LLC has acquired 53,000 shares of Fifth Third Bancorp, valued at approximately $2.18 million, indicating growing investor interest in the bank.
• Fifth Third Bancorp has seen positive adjustments in analyst ratings, with targets increased by firms like UBS and Citi, suggesting confidence in the company's future performance.
• The bank has declared an increase in its quarterly dividend from $0.37 to $0.40 per share, reflecting a strong financial position and commitment to returning value to shareholders.

McElhenny Sheffield Capital Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 53,000 shares of the financial services provider's stock, valued at approximately $2,180,000.

Several other large investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its stake in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after purchasing an additional 1,321,554 shares during the period. Invesco Ltd. grew its stake in Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock worth $695,265,000 after purchasing an additional 862,374 shares during the period. Nuveen LLC acquired a new stake in Fifth Third Bancorp during the first quarter worth approximately $334,805,000. Royal Bank of Canada grew its stake in Fifth Third Bancorp by 4.5% in the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider's stock valued at $255,196,000 after acquiring an additional 279,669 shares during the period. Finally, Alliancebernstein L.P. grew its stake in Fifth Third Bancorp by 12.1% in the first quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider's stock valued at $197,117,000 after acquiring an additional 542,934 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FITB. UBS Group raised their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday. Weiss Ratings reissued a "buy (b-)" rating on shares of Fifth Third Bancorp in a research note on Wednesday. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Citigroup raised their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Finally, The Goldman Sachs Group raised their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a "buy" rating in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.16.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $43.54 on Thursday. The business's fifty day simple moving average is $44.17 and its 200 day simple moving average is $40.69. The firm has a market capitalization of $28.82 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.41 and a beta of 0.95. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.7%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is 49.69%.

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

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