Bahl & Gaynor Inc. Reduces Holdings in Fifth Third Bancorp $FITB

Key Points

• Bahl & Gaynor Inc. has reduced its position in Fifth Third Bancorp by 7.4%, owning 129,183 shares valued at over $5 million after selling 10,285 shares in the latest quarter.
• A total of 83.79% of Fifth Third Bancorp's stock is currently owned by hedge funds and institutional investors, with several firms increasing their stakes significantly in the last quarter.
• Fifth Third Bancorp's board has approved a stock buyback program allowing the repurchase of up to 100 million shares, indicating confidence in its market valuation.

Bahl & Gaynor Inc. lowered its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,183 shares of the financial services provider's stock after selling 10,285 shares during the period. Bahl & Gaynor Inc.'s holdings in Fifth Third Bancorp were worth $5,064,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FITB. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Fifth Third Bancorp by 5.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 56,689 shares of the financial services provider's stock worth $2,222,000 after purchasing an additional 2,799 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Fifth Third Bancorp by 234.3% during the first quarter. AlphaQuest LLC now owns 71,834 shares of the financial services provider's stock worth $2,816,000 after purchasing an additional 50,348 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in shares of Fifth Third Bancorp by 11.6% during the first quarter. Kestra Advisory Services LLC now owns 83,986 shares of the financial services provider's stock worth $3,292,000 after purchasing an additional 8,699 shares during the last quarter. Allstate Corp raised its holdings in shares of Fifth Third Bancorp by 117.0% during the first quarter. Allstate Corp now owns 43,005 shares of the financial services provider's stock worth $1,686,000 after purchasing an additional 23,190 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Fifth Third Bancorp by 3.9% during the first quarter. 1832 Asset Management L.P. now owns 44,083 shares of the financial services provider's stock worth $1,728,000 after purchasing an additional 1,671 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

FITB has been the subject of several recent research reports. Jefferies Financial Group assumed 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 for the company. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their target price for the stock 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 research note on Wednesday, May 14th. They set a "buy" rating on the stock. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. Finally, Wells Fargo & Company increased their target price 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. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $0.09 during mid-day trading on Thursday, hitting $45.60. 3,495,240 shares of the company were exchanged, compared to its average volume of 4,899,412. 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 quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a 50 day moving average of $42.46 and a 200-day moving average of $39.93.

Fifth Third Bancorp Dividend Announcement

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 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Fifth Third Bancorp announced that its board has approved a share buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Fifth Third Bancorp Company 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.