Fred Alger Management LLC Has $3.06 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Fred Alger Management LLC increased its stake in Fifth Third Bancorp by 17.3% during the first quarter, bringing its total holdings to 77,248 shares valued at approximately $3.06 million.
• Wall Street analysts are bullish on Fifth Third Bancorp, with upgrades from firms like Wells Fargo and DA Davidson, raising the price target and improving ratings to "overweight" and "strong-buy."
• The company announced a quarterly dividend of $0.37, translating to an annualized dividend yield of 3.3%, and has authorized a stock buyback plan for up to 100 million shares.

Fred Alger Management LLC boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 17.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 77,248 shares of the financial services provider's stock after acquiring an additional 11,381 shares during the quarter. Fred Alger Management LLC's holdings in Fifth Third Bancorp were worth $3,057,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FITB. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp in the first quarter valued at $27,000. Larson Financial Group LLC boosted its holdings in Fifth Third Bancorp by 91.3% in the first 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 boosted its holdings 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 valued at $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its holdings 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 valued at $35,000 after purchasing 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 $0.29 during trading hours on Friday, hitting $45.56. The stock had a trading volume of 3,469,353 shares, compared to its average volume of 3,797,077. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $30.16 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 1.45 and a beta of 0.93. The stock's fifty day simple moving average is $43.49 and its 200 day simple moving average is $40.09.

Fifth Third Bancorp declared that its board has approved a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FITB shares. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. Finally, DA Davidson raised 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 report on Monday, June 9th. Two 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 MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.33.

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.