Davis Selected Advisers Raises Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Davis Selected Advisers increased its stake in Fifth Third Bancorp by 0.7%, holding 2,461,119 shares valued at approximately $96.5 million as of the end of the first quarter.
• Fifth Third Bancorp announced a quarterly dividend of $0.37 per share, representing an annualized dividend yield of 3.6%.
• Analysts have varied price targets for Fifth Third Bancorp, with Wells Fargo raising their target from $48.00 to $52.00 and a consensus price target of $47.80 among analysts.

Davis Selected Advisers raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,461,119 shares of the financial services provider's stock after acquiring an additional 16,943 shares during the period. Davis Selected Advisers owned approximately 0.37% of Fifth Third Bancorp worth $96,476,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Commerce Bank boosted its holdings in Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock valued at $1,581,000 after purchasing an additional 282 shares during the last quarter. Orca Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock valued at $1,384,000 after buying an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC grew its position in shares of Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after buying an additional 300 shares in the last quarter. Gotham Asset Management LLC increased its stake in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after buying an additional 316 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in Fifth Third Bancorp by 0.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock valued at $2,161,000 after acquiring an additional 322 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $41.17 on Friday. The firm has a market cap of $27.48 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.34 and a beta of 0.91. The company's 50-day moving average price is $41.19 and its two-hundred day moving average price is $40.03. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

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 given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

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

Analysts Set New Price Targets

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

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.

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