Fifth Third Bancorp $FITB Shares Sold by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. has reduced its stake in Fifth Third Bancorp (FITB) by 52.7%, selling 42,933 shares, resulting in holdings worth approximately $1.58 million.
• Fifth Third Bancorp has announced a dividend increase to $0.40 per share and a stock buyback plan allowing for the repurchase of 100 million shares.
• Analysts have raised their price targets for Fifth Third Bancorp, with predictions ranging from $45.00 to $60.00, indicating a consensus target price of $50.06.

QRG Capital Management Inc. decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 52.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,501 shares of the financial services provider's stock after selling 42,933 shares during the quarter. QRG Capital Management Inc.'s holdings in Fifth Third Bancorp were worth $1,584,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA acquired a new stake in Fifth Third Bancorp during the first quarter valued at $113,900,000. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Alecta Tjanstepension Omsesidigt acquired a new stake in Fifth Third Bancorp during the first quarter valued at $40,989,000. Finally, Invesco Ltd. grew its position in Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after buying an additional 862,374 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.3%

NASDAQ FITB opened at $43.68 on Wednesday. The business has a fifty day moving average price of $44.15 and a 200 day moving average price of $40.67. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $28.91 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.40 and a beta of 0.95.

Fifth Third Bancorp declared that its board has approved a stock buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.7%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is currently 49.69%.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. UBS Group raised their price target on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Tuesday. Morgan Stanley set a $60.00 price target on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a research report on Tuesday. Citigroup increased 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, September 23rd. Truist Financial boosted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Finally, TD Cowen boosted their price target on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.06.

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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