Commerzbank Aktiengesellschaft FI Purchases New Position in Fifth Third Bancorp (NASDAQ:FITB)

Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 15,473 shares of the financial services provider's stock, valued at approximately $607,000.

A number of other hedge funds have also recently made changes to their positions in FITB. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $27,000. Quarry LP bought a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $29,000. Larson Financial Group LLC increased its holdings 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 worth $29,000 after purchasing an additional 357 shares in the last quarter. REAP Financial Group LLC increased its holdings 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 worth $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust increased its holdings 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 worth $35,000 after purchasing an additional 335 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on FITB shares. Truist Financial decreased their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target for the company. Barclays decreased their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Finally, Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

Fifth Third Bancorp Trading Up 1.0%

NASDAQ FITB traded up $0.42 on Friday, hitting $43.03. The company's stock had a trading volume of 7,556,302 shares, compared to its average volume of 4,642,743. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. The company's 50-day simple moving average is $40.21 and its 200 day simple moving average is $40.10. The firm has a market cap of $28.72 billion, a P/E ratio of 13.36, a PEG ratio of 1.40 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.31% and a net margin of 17.97%. During the same quarter in the previous year, the business earned $0.70 earnings per share. Research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

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

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is 46.98%.

About Fifth Third Bancorp

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.