The Manufacturers Life Insurance Company Sells 99,827 Shares of Fifth Third Bancorp $FITB

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Fifth Third Bancorp by 6.5%, now holding approximately 1,435,191 shares valued at $56.26 million.
• Fifth Third Bancorp authorized a stock buyback plan for 100 million shares, indicating management's belief that the stock is undervalued.
• The company recently paid a quarterly dividend of $0.37 per share, reflecting a dividend yield of 3.2% and a payout ratio of 45.96%.

The Manufacturers Life Insurance Company reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,435,191 shares of the financial services provider's stock after selling 99,827 shares during the quarter. The Manufacturers Life Insurance Company owned 0.22% of Fifth Third Bancorp worth $56,259,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FITB. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp during the first quarter worth $27,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Larson Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares in the last quarter. REAP Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $0.01 during trading on Wednesday, hitting $45.58. 3,476,848 shares of the stock were exchanged, compared to its average volume of 4,888,779. The stock's fifty day moving average is $42.93 and its 200 day moving average is $39.96. The stock has a market cap of $30.17 billion, a PE ratio of 14.16, a P/E/G ratio of 1.48 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Wells Fargo & Company boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.80.

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.