Fifth Third Bancorp $FITB Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp reduced its holdings by 1.8%, selling 13,928 shares and now owns 771,022 shares worth approximately $31.7 million.
• Several institutional investors increased their stakes, with Teacher Retirement System of Texas raising holdings by an impressive 1,448.6% in Q1.
• The company declared a quarterly dividend of $0.40, increased from $0.37, resulting in an annualized dividend of $1.60 and a yield of 3.5%.

Fifth Third Bancorp cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 771,022 shares of the financial services provider's stock after selling 13,928 shares during the period. Fifth Third Bancorp owned about 0.12% of Fifth Third Bancorp worth $31,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Allianz Asset Management GmbH boosted its stake in shares of Fifth Third Bancorp by 5.8% in the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after buying an additional 16,000 shares during the last quarter. Principal Financial Group Inc. boosted its position in Fifth Third Bancorp by 1.6% in the 1st 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 in the last quarter. Heartland Bank & Trust Co acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $1,011,000. U.S. Capital Wealth Advisors LLC grew its stake 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 worth $1,858,000 after purchasing an additional 15,692 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of Fifth Third Bancorp by 1,448.6% during the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock valued at $3,845,000 after purchasing an additional 91,754 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on FITB. 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. Citigroup raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday. Piper Sandler upped their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, September 10th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Truist Financial increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.60.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $45.17 on Thursday. The company has a market cap of $29.90 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.44 and a beta of 0.93. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company's 50-day moving average price is $43.82 and its 200-day moving average price is $40.30. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Fifth Third Bancorp declared that its board has authorized a share 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 reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Fifth Third Bancorp Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.