7,600 Shares in Fifth Third Bancorp $FITB Acquired by MBB Public Markets I LLC

Key Points

• MBB Public Markets I LLC acquired a position in Fifth Third Bancorp, purchasing 7,600 shares valued at approximately $298,000 in the first quarter of the year.
• The company has authorized a share repurchase program for up to 100 million shares, a move typically indicating that the board believes the stock is undervalued.
• Analysts have raised price targets for Fifth Third Bancorp, with a consensus rating of "Moderate Buy" and an average target price of $47.80.

MBB Public Markets I LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,600 shares of the financial services provider's stock, valued at approximately $298,000.

Several other large investors also recently added to or reduced their stakes in FITB. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 5.1% in the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Nuveen LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $334,805,000. Royal Bank of Canada lifted its stake in shares of Fifth Third Bancorp by 4.5% in the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider's stock valued at $255,196,000 after purchasing an additional 279,669 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Fifth Third Bancorp by 12.1% in the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider's stock valued at $197,117,000 after purchasing an additional 542,934 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.6%

Shares of NASDAQ:FITB traded up $0.29 during midday trading on Friday, reaching $45.56. The company's stock had a trading volume of 3,469,353 shares, compared to its average volume of 3,792,217. The firm has a market cap of $30.16 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The business has a 50 day moving average price of $43.49 and a 200 day moving average price of $40.07.

Fifth Third Bancorp announced that its board has initiated a share buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FITB shares. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Truist Financial lifted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.33.

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.