Greenwood Capital Associates LLC Boosts Position in Fifth Third Bancorp $FITB

Key Points

• Greenwood Capital Associates LLC increased its stake in Fifth Third Bancorp by 38.9% during the second quarter, owning a total of 41,092 shares valued at approximately $1.69 million.
• Fifth Third Bancorp recently announced a share buyback plan allowing the repurchase of up to 100 million shares, indicating management's belief in the stock's undervaluation.
• The company has increased its quarterly dividend to $0.40 per share, representing an annual yield of 3.6% after raising it from the previous $0.37 per share.

Greenwood Capital Associates LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 38.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,092 shares of the financial services provider's stock after purchasing an additional 11,503 shares during the period. Greenwood Capital Associates LLC's holdings in Fifth Third Bancorp were worth $1,690,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth about $27,000. Banque Transatlantique SA acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at $27,000. Larson Financial Group LLC raised its holdings 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 in the last quarter. Grove Bank & Trust grew its holdings 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 during the period. Finally, Citizens National Bank Trust Department acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.3%

Shares of FITB stock opened at $44.22 on Friday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $44.07 and a 200-day moving average of $40.56. The company has a market capitalization of $29.27 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 1.42 and a beta of 0.95.

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

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. Fifth Third Bancorp's payout ratio is currently 49.69%.

Analyst Ratings Changes

Several brokerages recently issued reports on FITB. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Piper Sandler raised their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Morgan Stanley boosted their price target on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research note on Monday. Wolfe Research boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Truist Financial raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $49.38.

Fifth Third Bancorp 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.

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