Entropy Technologies LP Sells 74,605 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Entropy Technologies LP reduced its stake in Fifth Third Bancorp by 52.6%, holding 67,224 shares after selling 74,605 during the first quarter; this stake was valued at approximately $2,635,000.
• Several institutional investors have also made significant changes to their positions in Fifth Third Bancorp, notably Massachusetts Financial Services purchasing a new position valued at $113.9 million.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, representing an annualized yield of 3.6%, alongside a stock buyback plan allowing repurchase of up to 100 million shares.

Entropy Technologies LP lessened its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 52.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,224 shares of the financial services provider's stock after selling 74,605 shares during the quarter. Entropy Technologies LP's holdings in Fifth Third Bancorp were worth $2,635,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allianz Asset Management GmbH grew its stake in Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after buying an additional 16,000 shares during the last quarter. Deutsche Bank AG raised its stake in Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after acquiring an additional 438,446 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Fifth Third Bancorp by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after acquiring an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co acquired a new stake in shares of Fifth Third Bancorp during the first quarter valued at about $1,011,000. Finally, U.S. Capital Wealth Advisors LLC grew its holdings in Fifth Third Bancorp by 49.5% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock worth $1,858,000 after acquiring an additional 15,692 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 0.5%

Shares of Fifth Third Bancorp stock traded up $0.20 during midday trading on Thursday, reaching $43.18. 2,873,742 shares of the company's stock traded hands, compared to its average volume of 4,999,512. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a 50 day moving average of $41.49 and a 200-day moving average of $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. The company has a market cap of $28.58 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.37 and a beta of 0.91.

Fifth Third Bancorp declared that its board has authorized a stock buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FITB shares. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. 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 target price on the stock. Wells Fargo & Company increased 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. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group started coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average target price 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.