Quantbot Technologies LP Purchases 19,197 Shares of Fifth Third Bancorp $FITB

Key Points

• Quantbot Technologies LP increased its stake in Fifth Third Bancorp by 114.2%, owning 36,004 shares valued at approximately $1.41 million following an additional purchase of 19,197 shares.
• Fifth Third Bancorp has authorized a share buyback plan allowing for the repurchase of up to 100 million shares, indicating management's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, yielding 3.3% annually, with a payout ratio currently at 45.96%.

Quantbot Technologies LP raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 114.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,004 shares of the financial services provider's stock after buying an additional 19,197 shares during the quarter. Quantbot Technologies LP's holdings in Fifth Third Bancorp were worth $1,411,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its holdings in shares of Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after acquiring an additional 16,000 shares in the last quarter. Deutsche Bank AG boosted its position in Fifth Third Bancorp by 27.3% in the fourth 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 during the last quarter. Principal Financial Group Inc. boosted its position in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock worth $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at about $1,011,000. Finally, U.S. Capital Wealth Advisors LLC lifted its position in shares of 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 valued at $1,858,000 after buying an additional 15,692 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of analyst reports. Cowen initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. DA Davidson raised 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. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target on the stock. TD Cowen assumed coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Trading Down 1.0%

Shares of NASDAQ FITB traded down $0.43 during trading hours on Monday, hitting $44.36. 4,569,166 shares of the company traded hands, compared to its average volume of 3,496,568. The stock has a market capitalization of $29.36 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company's 50 day moving average price is $42.18 and its 200 day moving average price is $39.86. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

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 given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has approved a stock buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's leadership 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.