Advisors Capital Management LLC Has $11.80 Million Stake in Fifth Third Bancorp $FITB

Key Points

• Advisors Capital Management LLC increased its stake in Fifth Third Bancorp by 2.4% during the first quarter, owning shares worth approximately $11.80 million.
• Brokerages have raised their ratings and price targets for Fifth Third Bancorp, with DA Davidson upgrading it to a "strong-buy" and increasing the price target from $42.00 to $47.00.
• The company has authorized a share repurchase program to buy back 100 million shares, signaling that it believes its stock is currently undervalued.

Advisors Capital Management LLC raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 301,011 shares of the financial services provider's stock after buying an additional 7,115 shares during the period. Advisors Capital Management LLC's holdings in Fifth Third Bancorp were worth $11,800,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Larson Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 357 shares in the last quarter. REAP Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust increased its holdings in shares of Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FITB. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. TD Cowen began coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target for the company. Finally, Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Price Performance

FITB opened at $45.27 on Friday. The company has a fifty day moving average price of $43.44 and a two-hundred day moving average price of $40.08. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The firm has a market capitalization of $29.96 billion, a PE ratio of 14.06, a P/E/G ratio of 1.45 and a beta of 0.93.

Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership 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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