Fifth Third Bancorp $FITB Stake Raised by Park Place Capital Corp

Key Points

• Park Place Capital Corp significantly increased its holdings in Fifth Third Bancorp by 1,143.4% during Q2, owning 26,112 shares valued at approximately $1,108,000 as of the latest filing.
• Fifth Third Bancorp has announced a quarterly dividend of $0.40, reflecting a positive change from the previous dividend and a yield of 3.5%.
• Analysts have set new price targets for Fifth Third Bancorp's stock, with recommendations ranging from "Hold" to "Strong Buy," and a consensus target price of $48.87.

Park Place Capital Corp grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1,143.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,112 shares of the financial services provider's stock after buying an additional 24,012 shares during the period. Park Place Capital Corp's holdings in Fifth Third Bancorp were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FITB. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. increased its stake in shares of 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 acquiring an additional 1,321,554 shares during the period. GAMMA Investing LLC increased its stake in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after acquiring an additional 1,175,834 shares during the period. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $40,989,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.1%

Fifth Third Bancorp stock opened at $45.40 on Tuesday. 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 firm has a market cap of $30.05 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm's 50 day moving average price is $43.97 and its two-hundred day moving average price is $40.47.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign 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. 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 dividend on an annualized basis and a yield of 3.5%. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Analysts Set New Price Targets

A number of research firms recently commented on FITB. Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research note on Monday. DA Davidson upgraded shares of 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 research note on Monday, June 9th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Citigroup raised their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Finally, Piper Sandler lifted their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.87.

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.

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