Fifth Third Bancorp $FITB Shares Purchased by Czech National Bank

Key Points

• The Czech National Bank has increased its stake in Fifth Third Bancorp by 6.0% to a total of 163,158 shares, worth approximately $6.71 million as of the latest reporting period.
• Fifth Third Bancorp's board has authorized a stock repurchase program for up to 100 million shares, signaling confidence in the value of its stock.
• The company has also increased its quarterly dividend from $0.37 to $0.40 per share, representing an annualized yield of 3.5%.

Czech National Bank boosted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 163,158 shares of the financial services provider's stock after purchasing an additional 9,303 shares during the period. Czech National Bank's holdings in Fifth Third Bancorp were worth $6,711,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Banque Transatlantique SA purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Larson Financial Group LLC lifted its stake 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 valued at $29,000 after buying an additional 357 shares in the last quarter. REAP Financial Group LLC lifted its stake 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 valued at $33,000 after buying an additional 487 shares in the last quarter. Finally, Grove Bank & Trust lifted its stake 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 valued at $35,000 after buying an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on FITB shares. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. 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 report on Wednesday, September 10th. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Finally, Wells Fargo & Company boosted 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. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $48.13.

Fifth Third Bancorp Stock Performance

FITB stock traded down $0.20 during midday trading on Friday, hitting $46.08. 8,455,666 shares of the stock traded hands, compared to its average volume of 4,085,903. The firm has a market cap of $30.50 billion, a P/E ratio of 14.31, a PEG ratio of 1.47 and a beta of 0.93. 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 stock's fifty day simple moving average is $43.70 and its 200-day simple moving average is $40.19. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

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

Fifth Third Bancorp Increases Dividend

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

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.