Equitable Trust Co. Raises Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Equitable Trust Co. increased its stake in Fifth Third Bancorp by 50.9%, now owning 25,856 shares worth approximately $1,014,000.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, representing an annualized yield of 3.45%.
• Wall Street analysts have mixed ratings for the stock, with an average rating of "Moderate Buy" and a price target of $47.80.

Equitable Trust Co. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 50.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,856 shares of the financial services provider's stock after buying an additional 8,717 shares during the quarter. Equitable Trust Co.'s holdings in Fifth Third Bancorp were worth $1,014,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FITB. Quarry LP bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. HWG Holdings LP bought a new stake in Fifth Third Bancorp in the first quarter worth $27,000. Larson Financial Group LLC boosted its holdings in Fifth Third Bancorp by 91.3% in the first 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 boosted its holdings in Fifth Third Bancorp by 161.8% in the fourth 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 boosted its holdings in Fifth Third Bancorp by 60.7% in the first 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.

Analysts Set New Price Targets

Several research firms have commented on FITB. JPMorgan Chase & Co. dropped their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Keefe, Bruyette & Woods decreased their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, Cowen started coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. One 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Stock Performance

FITB traded up $0.06 during midday trading on Wednesday, reaching $42.70. The company had a trading volume of 795,962 shares, compared to its average volume of 5,075,669. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average of $40.67 and a two-hundred day moving average of $40.10. The company has a market cap of $28.50 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.38 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp declared that its Board of Directors has approved a share repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's management 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. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

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.