Adage Capital Partners GP L.L.C. Sells 182,116 Shares of Fifth Third Bancorp $FITB

Key Points

• Adage Capital Partners GP L.L.C. decreased its holdings in Fifth Third Bancorp (FITB) by 32.4%, selling 182,116 shares for a total of about $14.87 million.
• Fifth Third Bancorp has received strong analyst support, with recent upgrades including a target price lift from Wells Fargo from $48 to $52, and an upgrade to "strong-buy" from DA Davidson.
• The company initiated a $100 million share buyback program on June 16th, signaling confidence in its stock valuation and financial stability.

Adage Capital Partners GP L.L.C. decreased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 32.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 379,381 shares of the financial services provider's stock after selling 182,116 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.06% of Fifth Third Bancorp worth $14,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allianz Asset Management GmbH lifted its stake in shares of Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after purchasing an additional 16,000 shares during the period. Deutsche Bank AG increased its holdings in Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after buying an additional 438,446 shares during the last quarter. Principal Financial Group Inc. raised its position in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock worth $32,088,000 after acquiring an additional 12,905 shares during the period. Heartland Bank & Trust Co bought a new position in Fifth Third Bancorp in the first quarter worth approximately $1,011,000. Finally, U.S. Capital Wealth Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 49.5% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock worth $1,858,000 after acquiring an additional 15,692 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Wells Fargo & Company upped their price objective 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 began coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. TD Cowen started coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Two 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 company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Price Performance

FITB traded down $0.07 on Tuesday, hitting $45.42. 4,697,497 shares of the company's stock traded hands, compared to its average volume of 4,875,968. The company's 50 day simple moving average is $43.30 and its 200-day simple moving average is $39.98. 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 has a one year low of $32.25 and a one year high of $49.07. The firm has a market cap of $30.06 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 1.48 and a beta of 0.93.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued 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 dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has approved a share buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are 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.