Fifth Third Bancorp $FITB Stake Decreased by Valeo Financial Advisors LLC

Key Points

• Valeo Financial Advisors LLC has decreased its stake in Fifth Third Bancorp (NASDAQ: FITB) by 60.6%, now holding 14,698 shares worth approximately $605,000.
• Fifth Third Bancorp's board has authorized a stock repurchase program allowing for the buyback of up to 100 million shares, indicating confidence in the stock's valuation.
• The company will increase its quarterly dividend to $0.40 per share, reflecting a positive shift from the previous $0.37 dividend, with an annual yield of 3.7%.

Valeo Financial Advisors LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 60.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,698 shares of the financial services provider's stock after selling 22,634 shares during the period. Valeo Financial Advisors LLC's holdings in Fifth Third Bancorp were worth $605,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. bought a new stake in Fifth Third Bancorp during the second quarter worth approximately $26,000. HWG Holdings LP bought a new stake in Fifth Third Bancorp during the first quarter worth approximately $27,000. Banque Transatlantique SA bought a new stake in Fifth Third Bancorp during the first quarter worth approximately $27,000. Activest Wealth Management increased its holdings in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock valued at $28,000 after buying an additional 626 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after buying an additional 357 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.3%

NASDAQ FITB opened at $43.54 on Thursday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month 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 stock has a market cap of $28.82 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.41 and a beta of 0.95. The firm's 50 day moving average price is $44.17 and its two-hundred day moving average price is $40.69.

Fifth Third Bancorp declared that its board has authorized a stock 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. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on FITB shares. Argus upped their price target on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a report on Wednesday. Stephens upped their price target on Fifth Third Bancorp from $47.00 to $49.00 in a report on Tuesday. Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the company an "overweight" rating in a report on Tuesday. Finally, Citigroup upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.16.

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.

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