Edmond DE Rothschild Holding S.A. Purchases 40,000 Shares of Fifth Third Bancorp $FITB

Key Points

• Edmond DE Rothschild Holding S.A. has increased its stake in Fifth Third Bancorp by 10.5%, owning 420,000 shares valued at approximately $16.5 million.
• Analysts show a positive outlook for Fifth Third Bancorp, with several firms like Jefferies and Wells Fargo issuing "buy" ratings and raising price targets up to $52.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share and authorized a share repurchase program allowing for the buyback of 100 million shares, suggesting confidence in the stock's value.

Edmond DE Rothschild Holding S.A. boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 420,000 shares of the financial services provider's stock after purchasing an additional 40,000 shares during the quarter. Edmond DE Rothschild Holding S.A. owned about 0.06% of Fifth Third Bancorp worth $16,464,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Allianz Asset Management GmbH grew 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 buying an additional 16,000 shares during the last quarter. Deutsche Bank AG lifted its position in Fifth Third Bancorp by 27.3% in the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after acquiring an additional 438,446 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Fifth Third Bancorp by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $1,011,000. Finally, U.S. Capital Wealth Advisors LLC increased its holdings in 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 worth $1,858,000 after purchasing an additional 15,692 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

FITB traded down $0.64 during trading on Friday, hitting $45.62. 4,223,595 shares of the company traded hands, compared to its average volume of 3,301,431. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock's fifty day moving average is $43.21 and its 200 day moving average is $39.99. 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 firm has a market cap of $30.20 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.37 per share. The ex-dividend date was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FITB shares. Cowen began coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective 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 stock from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen started coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. 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. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

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.