Connor Clark & Lunn Investment Management Ltd. Acquires 87,784 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Fifth Third Bancorp by 162.8%, now owning 141,716 shares valued at approximately $5.56 million.
• The company has authorized a stock repurchase program allowing for the buyback of 100 million shares, indicating management's belief that the stock is undervalued.
• A recent quarterly dividend of $0.37 per share was declared, resulting in an annualized dividend yield of 3.5%.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 162.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 141,716 shares of the financial services provider's stock after acquiring an additional 87,784 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Fifth Third Bancorp were worth $5,555,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP bought a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $29,000. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp in the 1st quarter worth $27,000. Larson Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares during the last quarter. REAP Financial Group LLC boosted its stake in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing 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 Price Performance

Shares of FITB stock traded up $0.20 during mid-day trading on Thursday, hitting $43.18. The company had a trading volume of 2,903,857 shares, compared to its average volume of 5,173,690. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock's 50 day moving average price is $41.49 and its 200-day moving average price is $39.97. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $28.58 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.39 and a beta of 0.91.

Fifth Third Bancorp declared that its board has approved a stock repurchase program on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FITB shares. Barclays cut their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. Truist Financial lowered their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.80.

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.