Banque Cantonale Vaudoise Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Banque Cantonale Vaudoise has acquired 11,956 shares of Fifth Third Bancorp, valued at approximately $468,000, indicating growing institutional interest in the financial services provider.
• Fifth Third Bancorp has approved a significant stock buyback plan allowing for the repurchase of up to 100 million shares, suggesting the company's leadership believes its stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, reflecting a 3.6% yield and a payout ratio of 45.96%, which highlights its commitment to returning value to shareholders.

Banque Cantonale Vaudoise acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,956 shares of the financial services provider's stock, valued at approximately $468,000.

Other large investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. grew its stake in shares of Fifth Third Bancorp by 10.7% during the 1st quarter. Federated Hermes Inc. now owns 63,679 shares of the financial services provider's stock valued at $2,496,000 after buying an additional 6,164 shares during the period. Meeder Advisory Services Inc. grew its position in Fifth Third Bancorp by 13.6% during the first quarter. Meeder Advisory Services Inc. now owns 23,567 shares of the financial services provider's stock valued at $924,000 after acquiring an additional 2,820 shares during the period. Ramirez Asset Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth about $221,000. Foundations Investment Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at about $581,000. Finally, Mackenzie Financial Corp grew its holdings in shares of Fifth Third Bancorp by 3.0% during the 1st quarter. Mackenzie Financial Corp now owns 83,939 shares of the financial services provider's stock worth $3,290,000 after purchasing an additional 2,478 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent research reports. Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research report on Monday, April 7th. Barclays reduced their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Cowen initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods lowered their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, TD Cowen started coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $0.52 during trading hours on Monday, reaching $41.43. 3,630,044 shares of the stock were exchanged, compared to its average volume of 6,229,263. The stock has a market capitalization of $27.65 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.33 and a beta of 0.91. The firm has a 50 day simple moving average of $40.92 and a 200-day simple moving average of $40.05. 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.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 3.6%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 45.96%.

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