6,172 Shares in Fifth Third Bancorp (NASDAQ:FITB) Purchased by Koss Olinger Consulting LLC

Key Points

• Koss Olinger Consulting LLC acquired 6,172 shares of Fifth Third Bancorp valued at approximately $242,000 during the first quarter.
• The company's board has authorized a stock buyback program for up to 100 million outstanding shares, indicating management's belief that the stock is undervalued.
• Fifth Third Bancorp announced a quarterly dividend of $0.37 per share, resulting in a dividend yield of 3.6%, with a payout ratio of 45.96%.

Koss Olinger Consulting LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,172 shares of the financial services provider's stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FITB. Massachusetts Financial Services Co. MA purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth about $113,900,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Fifth Third Bancorp by 4,271.4% in the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after buying an additional 1,175,834 shares during the last quarter. Alecta Tjanstepension Omsesidigt purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth about $40,989,000. Finally, First Trust Advisors LP raised its stake in Fifth Third Bancorp by 12.1% in the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after acquiring an additional 1,027,044 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 1.1%

FITB stock opened at $41.64 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company's 50 day moving average is $41.27 and its 200 day moving average is $39.95. The stock has a market cap of $27.56 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 1.35 and a beta of 0.91. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-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. Investors of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 45.96%.

Fifth Third Bancorp declared that its board has authorized a stock buyback program on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Keefe, Bruyette & Woods lowered their price objective on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Finally, Barclays lowered their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.80.

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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