Dimensional Fund Advisors LP Sells 454,099 Shares of Fifth Third Bancorp $FITB

Key Points

• Dimensional Fund Advisors LP has reduced its shares in Fifth Third Bancorp by 5.0%, now owning approximately 8.6 million shares valued at around $337 million.
• Several large investors increased their stakes during the first quarter, with Kovitz Investment Group Partners LLC raising its stake by 510.7%.
• The company has announced a share buyback plan allowing the repurchase of up to 100 million shares, indicating management's belief in the undervaluation of its stock.

Dimensional Fund Advisors LP cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,613,836 shares of the financial services provider's stock after selling 454,099 shares during the quarter. Dimensional Fund Advisors LP owned 1.29% of Fifth Third Bancorp worth $337,619,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FITB. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after purchasing an additional 1,321,554 shares in the last quarter. Invesco Ltd. grew its holdings in Fifth Third Bancorp by 5.1% in the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after buying an additional 862,374 shares during the last quarter. First Trust Advisors LP raised its position in shares of Fifth Third Bancorp by 12.1% during the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after buying an additional 1,027,044 shares during the last quarter. Nuveen LLC bought a new position in Fifth Third Bancorp in the first quarter worth $334,805,000. Finally, Northern Trust Corp lifted its stake in Fifth Third Bancorp by 12.7% during the fourth quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock worth $299,111,000 after purchasing an additional 798,663 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded up $1.5350 on Friday, hitting $44.4150. 1,415,977 shares of the company's stock were exchanged, compared to its average volume of 4,914,469. The stock has a 50-day moving average of $41.93 and a 200-day moving average of $39.91. The stock has a market cap of $29.40 billion, a price-to-earnings ratio of 13.80, a P/E/G ratio of 1.40 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 has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp announced that its board has approved a stock repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

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 dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is presently 45.96%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price target for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus 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.