Victory Capital Management Inc. Trims Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Victory Capital Management Inc. cut its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 19.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 983,897 shares of the financial services provider's stock after selling 233,121 shares during the quarter. Victory Capital Management Inc. owned 0.15% of Fifth Third Bancorp worth $38,569,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Meadow Creek Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after acquiring an additional 300 shares in the last quarter. Oxford Financial Group LTD. LLC boosted its stake in Fifth Third Bancorp by 3.1% during the fourth quarter. Oxford Financial Group LTD. LLC now owns 10,341 shares of the financial services provider's stock worth $437,000 after acquiring an additional 313 shares in the last quarter. Gotham Asset Management LLC boosted its stake in Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after acquiring an additional 316 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Fifth Third Bancorp by 0.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock worth $2,161,000 after acquiring an additional 322 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake 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 acquiring an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 1.2%

Shares of FITB traded down $0.53 during mid-day trading on Tuesday, reaching $42.43. The company's stock had a trading volume of 2,771,674 shares, compared to its average volume of 4,658,245. The stock has a market cap of $28.32 billion, a PE ratio of 13.07, 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. The company's fifty day moving average price is $40.21 and its two-hundred day moving average price is $40.07.

Fifth Third Bancorp Announces Dividend

The company also recently announced 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 dividend yield of 3.49%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan 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. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on FITB. Cowen started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Citigroup dropped their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Barclays dropped their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $47.53.

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.