Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by Howard Capital Management Inc.

Key Points

• Howard Capital Management Inc. increased its stake in Fifth Third Bancorp by 137.6% during the 1st quarter, now owning 12,283 shares valued at approximately $481,000.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, representing an annualized yield of 3.6%.
• Barclays and TD Cowen recently adjusted their price targets for Fifth Third Bancorp, with new targets set at $51.00 and $52.00 respectively, indicating a mix of positive and cautionary outlooks from analysts.

Howard Capital Management Inc. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 137.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,283 shares of the financial services provider's stock after purchasing an additional 7,113 shares during the quarter. Howard Capital Management Inc.'s holdings in Fifth Third Bancorp were worth $481,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. HWG Holdings LP acquired a new position in Fifth Third Bancorp during the first quarter worth $27,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $29,000. Larson Financial Group LLC raised its holdings in 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 acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC raised its holdings in Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FITB. Wells Fargo & Company lifted 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 report on Tuesday, June 10th. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Truist Financial decreased their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Barclays cut their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.66 during mid-day trading on Friday, hitting $40.91. 5,396,261 shares of the company's stock traded hands, compared to its average volume of 5,959,449. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a market capitalization of $27.31 billion, a P/E ratio of 12.70, a PEG ratio of 1.33 and a beta of 0.91. The company's 50-day moving average is $40.92 and its two-hundred day moving average is $40.08.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. Fifth Third Bancorp's payout ratio is presently 45.96%.

Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.