Guggenheim Capital LLC Has $11.39 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Guggenheim Capital LLC reduced its stake in Fifth Third Bancorp by 17.6%, owning 290,446 shares valued at approximately $11.39 million after selling 62,235 shares in the first quarter.
• Fifth Third Bancorp has approved a stock buyback plan for up to 100 million shares, indicating that the Board believes the stock is undervalued.
• The company's recent quarterly dividend declared is $0.37 per share, resulting in an annualized dividend yield of 3.3% and a payout ratio of 45.96%.

Guggenheim Capital LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 17.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 290,446 shares of the financial services provider's stock after selling 62,235 shares during the quarter. Guggenheim Capital LLC's holdings in Fifth Third Bancorp were worth $11,385,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FITB. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. lifted its position in Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after purchasing an additional 1,321,554 shares during the period. GAMMA Investing LLC lifted its position in Fifth Third Bancorp by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after purchasing an additional 1,175,834 shares during the period. Finally, Alecta Tjanstepension Omsesidigt bought a new position in Fifth Third Bancorp in the first quarter worth $40,989,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FITB. Jefferies Financial Group began coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. TD Cowen assumed coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Finally, Cowen assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $0.17 during midday trading on Monday, reaching $45.77. The company's stock had a trading volume of 2,851,587 shares, compared to its average volume of 3,462,732. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market capitalization of $30.29 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.48 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The business's fifty day simple moving average is $42.72 and its 200-day simple moving average is $39.91.

Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

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.