70,523 Shares in Fifth Third Bancorp (NASDAQ:FITB) Bought by ASR Vermogensbeheer N.V.

Key Points

• ASR Vermogensbeheer N.V. has acquired 70,523 shares of Fifth Third Bancorp (NASDAQ:FITB), worth approximately $2.76 million, marking a significant institutional investment in the company.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, resulting in an annual yield of 3.6%, reflecting a consistent payout to shareholders.
• Analysts have mixed ratings on Fifth Third Bancorp, with a consensus rating of "Moderate Buy" and an average price target of $47.80 per share, indicating varying perspectives on the stock's performance potential.

ASR Vermogensbeheer N.V. acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 70,523 shares of the financial services provider's stock, valued at approximately $2,764,000.

Other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its stake in Fifth Third Bancorp by 12.1% in 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 last quarter. Northern Trust Corp increased its holdings in shares of Fifth Third Bancorp by 12.7% in the 4th quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock worth $299,111,000 after acquiring an additional 798,663 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Fifth Third Bancorp by 15.4% in the 4th 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 acquiring an additional 564,860 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Fifth Third Bancorp in the 1st quarter valued at about $113,900,000. Finally, Hsbc Holdings PLC boosted its stake in Fifth Third Bancorp by 14.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,276,130 shares of the financial services provider's stock valued at $96,290,000 after purchasing an additional 279,596 shares during the period. Institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target on the stock. Barclays reduced their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods lowered their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. Finally, DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. One 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 assigned a strong buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $41.17 on Friday. The firm's 50 day simple moving average is $41.19 and its 200 day simple moving average is $40.03. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market capitalization of $27.48 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.34 and a beta of 0.91. 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 Dividend Announcement

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

Fifth Third Bancorp announced that its Board of Directors has approved a share repurchase 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically 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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