Blair William & Co. IL Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Blair William & Co. IL increased its stake in Fifth Third Bancorp by 11.6% in the first quarter, now owning 68,491 shares valued at approximately $2.685 million.
• Fifth Third Bancorp has announced a share repurchase program allowing for the buyback of 100 million shares, indicating confidence in the company's stock valuation.
• The firm declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend yield of 3.6% and a payout ratio of 45.96%.

Blair William & Co. IL raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 68,491 shares of the financial services provider's stock after acquiring an additional 7,140 shares during the period. Blair William & Co. IL's holdings in Fifth Third Bancorp were worth $2,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at approximately $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC grew its holdings in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares during the period. REAP Financial Group LLC raised its position in Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust raised its position in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $41.17 on Friday. The stock has a market capitalization of $27.48 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.34 and a beta of 0.91. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. 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 firm's 50-day moving average is $41.19 and its two-hundred day moving average is $40.03.

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

Fifth Third Bancorp Dividend Announcement

The firm also recently declared 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 3.6%. Fifth Third Bancorp's payout ratio is 45.96%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Barclays lowered 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 research report on Monday, April 21st. Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods decreased their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Finally, TD Cowen started 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus 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.

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