Brandywine Global Investment Management LLC Boosts Stake in Fifth Third Bancorp $FITB

Key Points

• Brandywine Global Investment Management LLC has increased its stake in Fifth Third Bancorp by 76.2%, acquiring an additional 221,608 shares, bringing its total to 512,298 shares valued at approximately $20.08 million.
• Fifth Third Bancorp has approved a stock buyback program allowing the buyback of up to 100 million shares, a move often interpreted as management believing its stock is undervalued.
• The company also declared a quarterly dividend of $0.37 per share, yielding 3.5%, with a payout ratio of 45.96%.

Brandywine Global Investment Management LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 76.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 512,298 shares of the financial services provider's stock after purchasing an additional 221,608 shares during the period. Brandywine Global Investment Management LLC owned 0.08% of Fifth Third Bancorp worth $20,082,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FITB. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $27,000. Quarry LP acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $29,000. Larson Financial Group LLC increased its position in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the period. REAP Financial Group LLC increased its position in Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust increased its position in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Jefferies Financial Group began coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target on the stock. Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Truist Financial dropped their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, TD Cowen began coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $0.2350 on Wednesday, reaching $43.0350. The stock had a trading volume of 1,172,800 shares, compared to its average volume of 4,941,395. The firm has a market capitalization of $28.48 billion, a PE ratio of 13.38, a PEG ratio of 1.39 and a beta of 0.91. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average of $41.77 and a 200 day moving average of $39.89. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 dividend yield of 3.4%. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its board has authorized a share 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 generally an indication 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.