Credit Agricole S A Buys 67,651 Shares of Fifth Third Bancorp $FITB

Key Points

• Credit Agricole S A increased its stake in Fifth Third Bancorp by 35.5%, holding 258,205 shares valued at approximately $10.12 million as of the latest SEC filing.
• Fifth Third Bancorp initiated a stock repurchase plan allowing the buyback of 100 million shares, indicating a belief that its shares are undervalued.
• The company recently announced a quarterly dividend of $0.37 per share, translating to an annual yield of 3.5% and a payout ratio of 45.96%.

Credit Agricole S A raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 35.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 258,205 shares of the financial services provider's stock after purchasing an additional 67,651 shares during the quarter. Credit Agricole S A's holdings in Fifth Third Bancorp were worth $10,122,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FITB. Nuveen LLC purchased a new stake in Fifth Third Bancorp during the first quarter valued at about $334,805,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth about $113,900,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Fifth Third Bancorp by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after buying an additional 1,175,834 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth about $40,989,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Down 1.0%

Shares of Fifth Third Bancorp stock traded down $0.43 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 quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market cap of $29.36 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.45 and a beta of 0.91. The stock's 50-day simple moving average is $42.06 and its two-hundred day simple moving average is $39.85.

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

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. TD Cowen initiated 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 on the stock. DA Davidson raised shares of 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 research note on Monday, June 9th. Finally, Cowen initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

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.