American Century Companies Inc. Sells 347,569 Shares of Fifth Third Bancorp $FITB

Key Points

• American Century Companies Inc. has reduced its stake in Fifth Third Bancorp by 44.8%, now holding 427,790 shares worth approximately $16.77 million.
• Several hedge funds increased their holdings in Fifth Third Bancorp, with notable raises including Brandywine Global (76.2%), Aberdeen Group (106.2%), and Kovitz Investment Group (510.7%).
• Fifth Third Bancorp's Board of Directors has authorized a plan to repurchase 100 million shares, indicating potential undervaluation of its stock, and recently declared a quarterly dividend of $0.37 per share.

American Century Companies Inc. decreased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 44.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 427,790 shares of the financial services provider's stock after selling 347,569 shares during the period. American Century Companies Inc. owned 0.06% of Fifth Third Bancorp worth $16,769,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in FITB. Integrated Wealth Concepts LLC increased its holdings in Fifth Third Bancorp by 8.8% in the fourth quarter. Integrated Wealth Concepts LLC now owns 20,961 shares of the financial services provider's stock worth $886,000 after purchasing an additional 1,697 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $951,000. Aquatic Capital Management LLC purchased a new position in Fifth Third Bancorp in the fourth quarter worth $3,668,000. Prosperity Consulting Group LLC boosted its position in Fifth Third Bancorp by 1.6% in the fourth quarter. Prosperity Consulting Group LLC now owns 39,734 shares of the financial services provider's stock worth $1,680,000 after purchasing an additional 623 shares during the last quarter. Finally, Quarry LP purchased a new position in Fifth Third Bancorp in the fourth quarter worth $29,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ FITB traded up $0.09 on Thursday, hitting $45.60. The company's stock had a trading volume of 3,584,347 shares, compared to its average volume of 4,909,338. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company's 50-day simple moving average is $42.46 and its 200 day simple moving average is $39.93. The firm has a market cap of $30.18 billion, a P/E ratio of 14.16, a PEG ratio of 1.46 and a beta of 0.91.

Fifth Third Bancorp announced that its board has authorized a stock repurchase program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Analysts Set New Price Targets

A number of brokerages have recently commented on FITB. Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price on the stock. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Finally, Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Two investment 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $47.80.

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.