Allstate Corp Has $1.69 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Allstate Corp increased its stake in Fifth Third Bancorp by 117.0% in the first quarter, acquiring an additional 23,190 shares, bringing its total to 43,005 shares valued at $1,686,000.
• The stock repurchase plan approved by Fifth Third Bancorp's Board allows for the buyback of 100 million shares, signaling management's belief that the stock is undervalued.
• Several analysts have upgraded Fifth Third Bancorp's rating, with the average target price now at $47.80 and an overall rating of "Moderate Buy."

Allstate Corp increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 117.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,005 shares of the financial services provider's stock after buying an additional 23,190 shares during the quarter. Allstate Corp's holdings in Fifth Third Bancorp were worth $1,686,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FITB. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 86.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 25,975 shares of the financial services provider's stock valued at $1,098,000 after purchasing an additional 12,025 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Fifth Third Bancorp by 24.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 561,497 shares of the financial services provider's stock valued at $23,740,000 after purchasing an additional 108,500 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in shares of Fifth Third Bancorp by 17.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 95,963 shares of the financial services provider's stock valued at $4,057,000 after purchasing an additional 14,495 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Fifth Third Bancorp by 8.8% in the 4th quarter. Integrated Wealth Concepts LLC now owns 20,961 shares of the financial services provider's stock valued at $886,000 after purchasing an additional 1,697 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its holdings in shares of Fifth Third Bancorp by 24.7% in the 4th quarter. Virtus ETF Advisers LLC now owns 26,121 shares of the financial services provider's stock valued at $1,104,000 after purchasing an additional 5,175 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Cowen assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Wells Fargo & Company raised 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. TD Cowen assumed coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Trading Up 0.2%

FITB traded up $0.09 during midday trading on Thursday, hitting $45.60. 3,495,240 shares of the company were exchanged, compared to its average volume of 4,899,412. The firm has a market capitalization of $30.18 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.46 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 firm's 50 day moving average price is $42.46 and its 200-day moving average price is $39.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued 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 yield of 3.2%. Fifth Third Bancorp's payout ratio is presently 45.96%.

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

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.