Aigen Investment Management LP Invests $642,000 in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Aigen Investment Management LP has acquired a new stake in Fifth Third Bancorp, purchasing 16,372 shares valued at approximately $642,000.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, translating to an annual yield of 3.6%, while also authorizing a stock buyback plan for 100 million shares.
• Analyst ratings for Fifth Third Bancorp are mixed, with one sell rating, five hold ratings, and ten buy ratings, indicating a consensus rating of "Moderate Buy" and a price target of $47.80.

Aigen Investment Management LP acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 16,372 shares of the financial services provider's stock, valued at approximately $642,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA bought a new stake in Fifth Third Bancorp during the first quarter valued at $113,900,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 6.1% during the first 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 buying an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after buying an additional 1,175,834 shares during the last quarter. Alecta Tjanstepension Omsesidigt acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at about $40,989,000. Finally, First Trust Advisors LP lifted its position in shares of Fifth Third Bancorp by 12.1% during 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 purchasing an additional 1,027,044 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. 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 price target on the stock. Barclays reduced their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Performance

Shares of FITB traded down $0.70 on Friday, reaching $42.48. The company's stock had a trading volume of 3,565,896 shares, compared to its average volume of 4,646,444. 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 $28.12 billion, a P/E ratio of 13.19, a PEG ratio of 1.40 and a beta of 0.91. The stock's 50 day simple moving average is $41.65 and its two-hundred day simple moving average is $39.94. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Fifth Third Bancorp declared that its board has authorized a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually 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.