Victory Capital Management Inc. Has $38.57 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Victory Capital Management Inc. decreased 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 fund owned 983,897 shares of the financial services provider's stock after selling 233,121 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Fifth Third Bancorp worth $38,569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in FITB. Quarry LP purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. HWG Holdings LP bought a new position in Fifth Third Bancorp during the first quarter worth $27,000. Larson Financial Group LLC lifted its stake in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares during the last quarter. REAP Financial Group LLC increased its position 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 worth $33,000 after buying an additional 487 shares during the period. Finally, Grove Bank & Trust increased its position in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after buying an additional 335 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded up $0.10 during midday trading on Wednesday, hitting $42.74. 6,893,814 shares of the company's stock were exchanged, compared to its average volume of 4,681,060. 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 has a 12 month low of $32.25 and a 12 month high of $49.07. The company's 50 day moving average price is $40.41 and its 200 day moving average price is $40.11. The firm has a market capitalization of $28.53 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 1.38 and a beta of 0.91.

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The business 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 annualized dividend and a yield of 3.46%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FITB. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research report on Monday, April 7th. JPMorgan Chase & Co. lowered their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp 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.