27,383 Shares in Fifth Third Bancorp $FITB Acquired by AG2R LA Mondiale Gestion D Actifs

Key Points

• AG2R LA Mondiale Gestion D Actifs has acquired a new stake in Fifth Third Bancorp, purchasing 27,383 shares valued at approximately $1,046,000 in the first quarter.
• Fifth Third Bancorp will increase its quarterly dividend from $0.37 to $0.40, representing an annualized yield of 3.5%.
• Wall Street analysts are bullish on Fifth Third Bancorp, with a consensus price target of $48.33 and several firms upgrading their ratings to "buy" and "strong-buy."

AG2R LA Mondiale Gestion D Actifs purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 27,383 shares of the financial services provider's stock, valued at approximately $1,046,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. HWG Holdings LP acquired a new stake in Fifth Third Bancorp during the first quarter worth about $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the first quarter worth about $27,000. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares in the last quarter. REAP Financial Group LLC grew its position in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after buying an additional 487 shares in the last quarter. Finally, Grove Bank & Trust grew its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after buying an additional 335 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded down $0.19 during trading on Friday, reaching $46.09. The stock had a trading volume of 1,118,826 shares, compared to its average volume of 4,847,311. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The business's 50-day moving average price is $43.66 and its 200 day moving average price is $40.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $30.51 billion, a PE ratio of 14.31, a P/E/G ratio of 1.47 and a beta of 0.93.

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

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is presently 49.69%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Piper Sandler lifted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Truist Financial lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Finally, Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.13.

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.