Amundi Buys 86,936 Shares of Fifth Third Bancorp $FITB

Key Points

• Amundi increased its stake in Fifth Third Bancorp by 6.2% in Q1, owning approximately 1.48 million shares valued at $58.1 million.
• The company's board approved a stock buyback plan that authorizes the repurchase of up to 100 million outstanding shares, indicating confidence in the stock's value.
• Fifth Third Bancorp announced a quarterly dividend of $0.37 per share, with a yield of 3.2% and a payout ratio of 45.96%.

Amundi increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,482,714 shares of the financial services provider's stock after purchasing an additional 86,936 shares during the quarter. Amundi owned approximately 0.22% of Fifth Third Bancorp worth $58,122,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. HWG Holdings LP bought a new stake in Fifth Third Bancorp during the 1st quarter worth about $27,000. Larson Financial Group LLC increased its position in shares of 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 valued at $29,000 after acquiring an additional 357 shares during the last quarter. REAP Financial Group LLC raised its holdings in Fifth Third Bancorp by 161.8% during 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. Grove Bank & Trust boosted its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department bought a new position in Fifth Third Bancorp in the first quarter valued at approximately $39,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Cowen initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Jefferies Financial Group started coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. 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 company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.07 during mid-day trading on Tuesday, hitting $45.42. 4,697,497 shares of the stock were exchanged, compared to its average volume of 3,444,347. The firm's 50-day simple moving average is $43.36 and its 200 day simple moving average is $40.02. The stock has a market capitalization of $30.06 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. 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 declared that its Board of Directors has initiated a share buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is presently 45.96%.

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.