Baird Financial Group Inc. Sells 32,055 Shares of Fifth Third Bancorp $FITB

Key Points

• Baird Financial Group Inc. decreased its stake in Fifth Third Bancorp by 4.6% in Q1, owning 672,153 shares valued at approximately $26.35 million after selling 32,055 shares.
• Fifth Third Bancorp's board has approved a stock buyback program to reacquire 100 million shares, indicating confidence in the stock's value.
• The company announced a quarterly dividend of $0.37 per share, representing an annual yield of 3.2%, with a payout ratio of 45.96%.

Baird Financial Group Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 672,153 shares of the financial services provider's stock after selling 32,055 shares during the quarter. Baird Financial Group Inc. owned 0.10% of Fifth Third Bancorp worth $26,348,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Commerce Bank grew its holdings in Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after buying an additional 282 shares in the last quarter. Orca Wealth Management LLC grew its holdings in Fifth Third Bancorp by 0.8% during the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after buying an additional 294 shares in the last quarter. Meadow Creek Wealth Advisors LLC grew its holdings 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 worth $410,000 after buying an additional 300 shares in the last quarter. Gotham Asset Management LLC grew its holdings 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 worth $597,000 after buying an additional 316 shares in the last quarter. Finally, Independent Advisor Alliance grew its holdings in Fifth Third Bancorp by 2.1% during the first quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock worth $598,000 after buying an additional 319 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

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

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.64 during trading hours on Friday, reaching $45.62. 4,223,595 shares of the stock traded hands, compared to its average volume of 3,301,431. The company has a market capitalization of $30.20 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 1.50 and a beta of 0.93. 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 has a 52-week low of $32.25 and a 52-week high of $49.07. The company's 50-day simple moving average is $43.21 and its two-hundred day simple moving average is $40.02.

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 dividend on an annualized basis 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 (DPR) is currently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has authorized a share buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

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.