Fifth Third Bancorp $FITB Shares Bought by Boston Common Asset Management LLC

Key Points

• Boston Common Asset Management LLC increased its holdings in Fifth Third Bancorp by 2.5% during the 2nd quarter, owning 303,355 shares valued at approximately $12.5 million.
• The company has announced a quarterly dividend increase to $0.40 per share, reflecting an annualized yield of 3.6%, and the ex-dividend date is set for September 30th.
• Several analysts have revised their target prices for Fifth Third Bancorp, with an average target price of $49.47 and a majority of ratings leaning towards a Moderate Buy.

Boston Common Asset Management LLC grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 303,355 shares of the financial services provider's stock after purchasing an additional 7,398 shares during the quarter. Boston Common Asset Management LLC's holdings in Fifth Third Bancorp were worth $12,477,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of FITB. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth $27,000. Banque Transatlantique SA acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth $27,000. Larson Financial Group LLC grew its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth $39,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FITB shares. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Citigroup raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Piper Sandler raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Finally, Truist Financial raised their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $49.47.

Fifth Third Bancorp Stock Up 0.4%

FITB stock opened at $44.41 on Friday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a market cap of $29.39 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The business's 50-day simple moving average is $44.10 and its 200 day simple moving average is $40.61. 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 announced that its board has authorized a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

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.

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