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Candriam S.C.A. Lowers Stock Position in Fifth Third Bancorp $FITB

Fifth Third Bancorp logo with Finance background

Key Points

  • Candriam S.C.A. has significantly reduced its stake in Fifth Third Bancorp by 76.5%, selling 432,399 shares, leaving it with 132,763 shares valued at approximately $5.2 million.
  • Multiple institutional investors have increased their positions in Fifth Third Bancorp, with Capital Fund Management S.A. leading with an increase of 180.5% in shares owned.
  • The company has approved a share repurchase plan for 100 million shares, suggesting management believes its stock is undervalued, and recently declared a quarterly dividend of $0.37 per share.
  • Want stock alerts on Fifth Third Bancorp? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Candriam S.C.A. lowered its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 76.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,763 shares of the financial services provider's stock after selling 432,399 shares during the period. Candriam S.C.A.'s holdings in Fifth Third Bancorp were worth $5,204,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. Capital Fund Management S.A. grew its position in Fifth Third Bancorp by 180.5% during the first quarter. Capital Fund Management S.A. now owns 225,941 shares of the financial services provider's stock valued at $8,857,000 after buying an additional 145,379 shares during the period. Credit Agricole S A grew its position in Fifth Third Bancorp by 35.5% during the first quarter. Credit Agricole S A now owns 258,205 shares of the financial services provider's stock valued at $10,122,000 after buying an additional 67,651 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Fifth Third Bancorp by 0.5% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 96,414 shares of the financial services provider's stock valued at $3,779,000 after buying an additional 451 shares during the period. Groupama Asset Managment grew its position in Fifth Third Bancorp by 11.9% during the first quarter. Groupama Asset Managment now owns 50,503 shares of the financial services provider's stock valued at $1,960,000 after buying an additional 5,377 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in Fifth Third Bancorp by 8.5% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 28,190 shares of the financial services provider's stock valued at $1,105,000 after buying an additional 2,215 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $42.88 on Friday. The firm has a 50 day moving average of $41.93 and a 200-day moving average of $39.91. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The firm has a market capitalization of $28.38 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91.

Fifth Third Bancorp declared that its board has approved a share repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Cowen began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price for the company. Two investment 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 MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Check Out Our Latest Analysis on FITB

About Fifth Third Bancorp

(Free Report)

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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