Mizuho Securities USA LLC Sells 9,917 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Mizuho Securities USA LLC has decreased its stake in Fifth Third Bancorp by 15.6%, owning 53,635 shares valued at approximately $2.1 million after selling nearly 10,000 shares.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend yield of 3.6%.
• The stock has a market cap of $27.32 billion and a current P/E ratio of 12.82, with a consensus price target of $47.80 from analysts.

Mizuho Securities USA LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 15.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 53,635 shares of the financial services provider's stock after selling 9,917 shares during the quarter. Mizuho Securities USA LLC's holdings in Fifth Third Bancorp were worth $2,102,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at about $27,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $29,000. Larson Financial Group LLC grew its stake in shares of Fifth Third Bancorp by 91.3% during 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 grew its stake in shares of Fifth Third Bancorp by 161.8% during 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 grew its stake in shares of Fifth Third Bancorp by 60.7% during 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.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of recent research reports. Cowen initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. 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 for the company. Finally, Truist Financial cut their price objective on 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded down $0.70 during trading hours on Friday, reaching $42.48. The company's stock had a trading volume of 3,565,896 shares, compared to its average volume of 4,646,444. The company has a market capitalization of $28.12 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.40 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm's 50-day moving average price is $41.65 and its 200-day moving average price is $39.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders 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 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 45.96%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.