Capital Investment Counsel LLC Buys New Stake in Fifth Third Bancorp $FITB

Key Points

• Capital Investment Counsel LLC invested $674,000 in Fifth Third Bancorp by acquiring 17,201 shares, representing a new position in the company.
• The company declared a quarterly dividend of $0.37, with a current dividend yield of 3.2% and a payout ratio of 45.96%.
• Fifth Third Bancorp's stock is rated as a "Moderate Buy"** by analysts, with a consensus price target of $47.80.

Capital Investment Counsel LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,201 shares of the financial services provider's stock, valued at approximately $674,000.

A number of other hedge funds have also recently made changes to their positions in FITB. Quarry LP purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. AQR Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 453.9% during the 4th quarter. AQR Capital Management LLC now owns 464,863 shares of the financial services provider's stock worth $19,654,000 after purchasing an additional 380,933 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $6,655,000. Aptus Capital Advisors LLC lifted its holdings in Fifth Third Bancorp by 62.6% during the 4th quarter. Aptus Capital Advisors LLC now owns 7,816 shares of the financial services provider's stock worth $332,000 after buying an additional 3,009 shares in the last quarter. Finally, Ancora Advisors LLC lifted its holdings in Fifth Third Bancorp by 11.5% during the 4th quarter. Ancora Advisors LLC now owns 12,193 shares of the financial services provider's stock worth $516,000 after buying an additional 1,258 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 1.4%

Shares of FITB traded down $0.64 during midday trading on Friday, reaching $45.62. The stock had a trading volume of 4,223,595 shares, compared to its average volume of 3,301,431. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company's fifty day simple moving average is $43.21 and its two-hundred day simple moving average is $40.02. The company has a market cap of $30.20 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 1.50 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 3.2%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

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

Analysts Set New Price Targets

A number of research firms have issued reports on FITB. TD Cowen began coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their target price for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $47.80.

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.