Fifth Third Bancorp $FITB Shares Sold by Clark Capital Management Group Inc.

Key Points

• Clark Capital Management Group Inc. has reduced its stake in Fifth Third Bancorp by 11.7%, selling 253,842 shares, which leaves them with approximately 1.9 million shares valued at $74.77 million.
• Fifth Third Bancorp announced a stock repurchase program allowing the buyback of 100 million shares, signaling that the company's leadership believes its shares are undervalued.
• The company declared a quarterly dividend of $0.37 per share, representing a yield of 3.2%, with a payout ratio currently at 45.96%.

Clark Capital Management Group Inc. lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,907,434 shares of the financial services provider's stock after selling 253,842 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.29% of Fifth Third Bancorp worth $74,771,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. HWG Holdings LP purchased a new position in Fifth Third Bancorp in the first quarter valued at $27,000. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp in the first quarter valued at $27,000. Larson Financial Group LLC boosted its stake in Fifth Third Bancorp by 91.3% in the first 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 in the last quarter. REAP Financial Group LLC boosted its stake 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 valued at $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake 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 valued at $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 Stock Performance

Shares of FITB traded down $0.64 during mid-day trading on Friday, hitting $45.62. 4,223,595 shares of the company's stock were exchanged, compared to its average volume of 3,301,431. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The firm has a market capitalization of $30.20 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.48 and a beta of 0.93. The business's 50 day moving average is $43.21 and its two-hundred day moving average is $39.99. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. TD Cowen assumed coverage on shares of 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. Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price objective for the company from $42.00 to $47.00 in a research note 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 research note on Tuesday, June 10th. Two research 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 company's stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average target price 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.