Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its ownership in Fifth Third Bancorp by 6.1%, acquiring an additional 1,321,554 shares, bringing its total to roughly 22.9 million shares valued at about $898 million.
• Recent analyst ratings for Fifth Third Bancorp include a new price target of $52.00 from TD Cowen, while Truist Financial reduced its target from $52.00 to $44.00, indicating mixed sentiments on the stock.
• The company announced a quarterly dividend of $0.37 per share and launched a share buyback program authorizing the repurchase of up to 100 million shares, reflecting management's confidence in the stock's value.

Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,908,401 shares of the financial services provider's stock after buying an additional 1,321,554 shares during the period. Charles Schwab Investment Management Inc. owned approximately 3.43% of Fifth Third Bancorp worth $898,009,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP raised its stake in shares of Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after buying an additional 1,027,044 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Fifth Third Bancorp by 12.7% in the fourth quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock worth $299,111,000 after acquiring an additional 798,663 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Fifth Third Bancorp by 15.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,229,103 shares of the financial services provider's stock valued at $178,806,000 after purchasing an additional 564,860 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Finally, Hsbc Holdings PLC boosted its position in Fifth Third Bancorp by 14.0% during the fourth quarter. Hsbc Holdings PLC now owns 2,276,130 shares of the financial services provider's stock worth $96,290,000 after acquiring an additional 279,596 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of a number of recent analyst reports. TD Cowen began coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. Finally, DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Performance

FITB stock opened at $41.25 on Thursday. The stock's 50 day simple moving average is $41.14 and its 200 day simple moving average is $40.05. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm has a market cap of $27.53 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.34 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.

Fifth Third Bancorp Dividend Announcement

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

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

About Fifth Third Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.