Alliancebernstein L.P. Increases Stock Position in Fifth Third Bancorp $FITB

Key Points

• Alliancebernstein L.P. increased its holdings in Fifth Third Bancorp by 12.1% during the first quarter, acquiring an additional 542,934 shares to total approximately 5,028,501 shares.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend yield of 3.2%, with a dividend payout ratio of 45.96%.
• Several analysts have issued a consensus rating of "Moderate Buy" for Fifth Third Bancorp, with a price target averaging $47.80 based on multiple buy ratings from various equity research firms.

Alliancebernstein L.P. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,028,501 shares of the financial services provider's stock after purchasing an additional 542,934 shares during the period. Alliancebernstein L.P. owned approximately 0.75% of Fifth Third Bancorp worth $197,117,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Amundi increased its holdings in Fifth Third Bancorp by 6.2% during the 1st quarter. Amundi now owns 1,482,714 shares of the financial services provider's stock worth $58,122,000 after acquiring an additional 86,936 shares during the period. Ancora Advisors LLC increased its holdings in Fifth Third Bancorp by 25.2% during the 1st quarter. Ancora Advisors LLC now owns 15,267 shares of the financial services provider's stock worth $598,000 after acquiring an additional 3,074 shares during the period. 1 North Wealth Services LLC bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $139,000. GW Henssler & Associates Ltd. bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $21,439,000. Finally, Capital Investment Counsel LLC bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $674,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FITB. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Cowen started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Trading Down 1.4%

Shares of Fifth Third Bancorp stock traded down $0.64 during trading on Friday, reaching $45.62. The company's stock had a trading volume of 4,223,595 shares, compared to its average volume of 3,301,431. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market cap of $30.20 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 1.48 and a beta of 0.93. The firm's 50-day moving average is $43.21 and its two-hundred day moving average is $40.02. 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 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 dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock 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 buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is 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.