AlphaQuest LLC Increases Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• AlphaQuest LLC increased its stake in Fifth Third Bancorp by 234.3%, owning 71,834 shares valued at approximately $2.8 million, making it the firm’s 27th largest holding.
• Fifth Third Bancorp recently announced a share buyback plan allowing for the repurchase of 100 million outstanding shares, signaling management's belief that the stock is undervalued.
• Several analysts have given Fifth Third Bancorp an average rating of "Moderate Buy" with an average target price of $47.80, including upgrades from firms like Wells Fargo and DA Davidson.

AlphaQuest LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 234.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 71,834 shares of the financial services provider's stock after acquiring an additional 50,348 shares during the quarter. Fifth Third Bancorp accounts for about 0.3% of AlphaQuest LLC's portfolio, making the stock its 27th biggest holding. AlphaQuest LLC's holdings in Fifth Third Bancorp were worth $2,816,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp during the 1st quarter valued at about $27,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its position in shares of Fifth Third Bancorp by 91.3% during the 1st 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 boosted its position in shares of 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 valued at $33,000 after acquiring an additional 487 shares during the last quarter. Finally, Grove Bank & Trust boosted its position in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target for the company. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Finally, Cowen started coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Trading Down 1.0%

Shares of NASDAQ FITB traded down $0.43 during midday trading on Monday, hitting $44.36. The stock had a trading volume of 4,569,166 shares, compared to its average volume of 4,929,476. The company has a market capitalization of $29.36 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.45 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. 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 fifty day moving average price of $42.06 and a 200 day moving average price of $39.85.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 annualized dividend 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 currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

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.