Central Bank & Trust Co. Makes New $289,000 Investment in Fifth Third Bancorp $FITB

Key Points

• Central Bank & Trust Co. purchased 7,028 shares of Fifth Third Bancorp, valued at approximately $289,000, indicating strong institutional interest in the bank's stock.
• Fifth Third Bancorp has recently increased its quarterly dividend to $0.40 per share, reflecting a positive change from the previous $0.37, with a yield of 3.6%.
• Positive sentiment from analysts is evident as Wells Fargo & Company raised their price target for the stock from $48.00 to $52.00, contributing to an overall "Moderate Buy" rating for Fifth Third Bancorp.

Central Bank & Trust Co. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,028 shares of the financial services provider's stock, valued at approximately $289,000.

Several other institutional investors have also recently made changes to their positions in FITB. Nuveen LLC purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth about $334,805,000. Massachusetts Financial Services Co. MA purchased a new stake in Fifth Third Bancorp in the first quarter worth about $113,900,000. Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after acquiring an additional 1,321,554 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after acquiring an additional 1,175,834 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $40,989,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.4%

Shares of NASDAQ:FITB traded down $0.20 during mid-day trading on Friday, reaching $46.08. The stock had a trading volume of 8,455,666 shares, compared to its average volume of 4,085,903. The firm has a market cap of $30.50 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The firm has a 50 day simple moving average of $43.70 and a two-hundred day simple moving average of $40.19. 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 twelve month low of $32.25 and a twelve month high of $49.07.

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

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.40 dividend. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent analyst reports. Wells Fargo & Company upped 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. Truist Financial raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 10th. Finally, DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Two investment 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.13.

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.