Allianz Asset Management GmbH Has $11.45 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Allianz Asset Management GmbH increased its stake in Fifth Third Bancorp by 5.8% during the first quarter, acquiring an additional 16,000 shares to hold a total of 292,102 shares worth approximately $11.45 million.
• Several brokerages have revised their price targets for Fifth Third Bancorp, with Barclays lowering its target from $56.00 to $51.00 and DA Davidson increasing their target from $42.00 to $47.00, reflecting mixed analyst sentiments on the stock.
• Fifth Third Bancorp announced a quarterly dividend of $0.37 per share, with an annualized yield of 3.45%, and initiated a buyback plan to repurchase 100 million shares, indicating management's belief in the stock's undervaluation.

Allianz Asset Management GmbH boosted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,102 shares of the financial services provider's stock after acquiring an additional 16,000 shares during the quarter. Allianz Asset Management GmbH's holdings in Fifth Third Bancorp were worth $11,450,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Meadow Creek Wealth Advisors LLC boosted its position in Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 300 shares during the last quarter. Gotham Asset Management LLC boosted its position in Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after purchasing an additional 316 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in Fifth Third Bancorp by 0.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock valued at $2,161,000 after purchasing an additional 322 shares during the last quarter. Grove Bank & Trust boosted 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 valued at $35,000 after purchasing an additional 335 shares during the last quarter. Finally, Larson Financial Group LLC raised 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 acquiring an additional 357 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. DA Davidson raised shares of 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. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. One equities research 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.42 during mid-day trading on Wednesday, hitting $42.22. 3,547,418 shares of the stock were exchanged, compared to its average volume of 6,011,954. The stock has a market capitalization of $28.18 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.91. The firm's 50-day simple moving average is $40.76 and its 200 day simple moving average is $40.12. 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 fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows 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 board believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 45.96%.

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.