APG Asset Management N.V. Sells 15,333 Shares of Fifth Third Bancorp $FITB

Key Points

• APG Asset Management N.V. reduced its stake in Fifth Third Bancorp by 2.9%, now holding 508,513 shares worth approximately $18.5 million.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share and has authorized a stock buyback plan for up to 100 million shares.
• A majority of analysts have rated Fifth Third Bancorp with a Moderate Buy consensus, with a current average price target of $47.80.

APG Asset Management N.V. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 508,513 shares of the financial services provider's stock after selling 15,333 shares during the quarter. APG Asset Management N.V. owned 0.08% of Fifth Third Bancorp worth $18,454,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in Fifth Third Bancorp by 8.8% during the 4th 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 acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $951,000. Aquatic Capital Management LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $3,668,000. Prosperity Consulting Group LLC raised its position in Fifth Third Bancorp by 1.6% during the fourth quarter. Prosperity Consulting Group LLC now owns 39,734 shares of the financial services provider's stock valued at $1,680,000 after buying an additional 623 shares during the period. Finally, Quarry LP purchased a new stake in Fifth Third Bancorp in the 4th quarter worth about $29,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on FITB. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Two research 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 company's stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Stock Performance

FITB traded up $0.09 on Thursday, hitting $45.60. The company had a trading volume of 3,584,347 shares, compared to its average volume of 4,909,338. The stock has a market cap of $30.18 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 1.46 and a beta of 0.91. 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 company's fifty day moving average price is $42.46 and its 200 day moving average price is $39.93. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp Dividend Announcement

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

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase program on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors 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.