Deutsche Bank AG Purchases 23,369 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Deutsche Bank AG grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,070,070 shares of the financial services provider's stock after purchasing an additional 23,369 shares during the period. Deutsche Bank AG owned approximately 0.31% of Fifth Third Bancorp worth $81,147,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. HWG Holdings LP purchased a new position in shares of Fifth Third Bancorp in the 1st quarter valued at about $27,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its position 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 valued at $29,000 after purchasing an additional 357 shares during the period. REAP Financial Group LLC lifted its position in 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 during the period. Finally, Grove Bank & Trust lifted its position in 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 during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded up $0.22 during mid-day trading on Thursday, hitting $43.20. 1,960,477 shares of the stock were exchanged, compared to its average volume of 4,991,477. The company has a market cap of $28.59 billion, a P/E ratio of 13.42, a PEG ratio of 1.37 and a beta of 0.91. The stock's fifty day simple moving average is $41.49 and its two-hundred day simple moving average is $39.97. 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 has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp announced that its board has approved a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

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

Analyst Ratings Changes

FITB has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Truist Financial lowered their price objective on 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. Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Keefe, Bruyette & Woods cut their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp 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.