HB Wealth Management LLC Has $2.84 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• HB Wealth Management LLC increased its stake in Fifth Third Bancorp by 13.2% during the first quarter, bringing its total ownership to 72,560 shares valued at approximately $2.84 million.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, which translates to an annualized yield of 3.45%.
• The company has authorized a share buyback plan allowing for the repurchase of 100 million shares, indicating management's belief that the stock may be undervalued.

HB Wealth Management LLC lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,560 shares of the financial services provider's stock after purchasing an additional 8,487 shares during the period. HB Wealth Management LLC's holdings in Fifth Third Bancorp were worth $2,844,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FITB. Quarry LP acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $29,000. HWG Holdings LP bought a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Larson Financial Group LLC boosted its holdings in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 357 shares during the period. REAP Financial Group LLC boosted its holdings in Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its holdings in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded down $0.21 on Thursday, hitting $42.01. The company had a trading volume of 1,297,221 shares, compared to its average volume of 5,068,455. The stock has a market capitalization of $28.04 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.38 and a beta of 0.91. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $40.76 and a two-hundred day moving average of $40.12. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

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

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FITB shares. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Barclays cut their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.80.

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.