Federation des caisses Desjardins du Quebec Trims Stake in Fifth Third Bancorp $FITB

Key Points

• Federation des caisses Desjardins du Quebec has reduced its stake in Fifth Third Bancorp by 44.3%, now holding 35,527 shares valued at approximately $1.39 million.
• Fifth Third Bancorp announced a share repurchase program to buy back 100 million shares, indicating confidence that the stock is undervalued.
• The company recently declared a quarterly dividend of $0.37, resulting in an annualized dividend yield of 3.2%.

Federation des caisses Desjardins du Quebec decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 44.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,527 shares of the financial services provider's stock after selling 28,285 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Fifth Third Bancorp were worth $1,393,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FITB. Cary Street Partners Financial LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $313,000. Cetera Investment Advisers boosted its position in shares of Fifth Third Bancorp by 6.8% in the 4th quarter. Cetera Investment Advisers now owns 191,244 shares of the financial services provider's stock worth $8,086,000 after purchasing an additional 12,165 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Fifth Third Bancorp by 27.3% in the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after purchasing an additional 438,446 shares in the last quarter. Ethic Inc. boosted its position in shares of Fifth Third Bancorp by 141.8% in the 4th quarter. Ethic Inc. now owns 96,563 shares of the financial services provider's stock worth $4,083,000 after purchasing an additional 56,636 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in shares of Fifth Third Bancorp by 14.6% in the 4th quarter. Ensign Peak Advisors Inc now owns 289,529 shares of the financial services provider's stock worth $12,241,000 after purchasing an additional 36,886 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 1.4%

Shares of FITB opened at $45.62 on Monday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. 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 company has a market capitalization of $30.20 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 1.48 and a beta of 0.93. The stock's 50-day moving average price is $43.21 and its 200-day moving average price is $39.97.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. TD Cowen assumed coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Jefferies Financial Group began coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently 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.

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