Convergence Investment Partners LLC Has $2.61 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Convergence Investment Partners LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 16.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 66,546 shares of the financial services provider's stock after selling 12,756 shares during the quarter. Convergence Investment Partners LLC's holdings in Fifth Third Bancorp were worth $2,609,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Larson Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FITB. Keefe, Bruyette & Woods decreased their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Baird R W raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Trading Up 0.4%

Shares of NASDAQ:FITB traded up $0.15 during trading on Friday, reaching $42.84. 4,485,679 shares of the stock were exchanged, compared to its average volume of 6,558,727. The firm has a market cap of $28.60 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 1.38 and a beta of 0.91. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm's 50-day moving average price is $40.54 and its 200 day moving average price is $40.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

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

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.