Gulf International Bank UK Ltd Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Fifth Third Bancorp by 25%, owning 39,951 shares valued at $1,566,000 after selling 13,298 shares.
• Fifth Third Bancorp has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and an average target price of $47.80, with some analysts increasing their target prices in recent months.
• The company has announced a stock buyback plan to repurchase 100 million shares, reflecting management's belief that its shares are undervalued.

Gulf International Bank UK Ltd trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,951 shares of the financial services provider's stock after selling 13,298 shares during the period. Gulf International Bank UK Ltd's holdings in Fifth Third Bancorp were worth $1,566,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FITB. Commerce Bank boosted its holdings in shares of Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after purchasing an additional 282 shares during the period. Orca Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 0.8% during the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after purchasing an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC boosted its holdings in shares of 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 purchasing an additional 300 shares during the period. Gotham Asset Management LLC boosted its holdings in shares of 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 purchasing an additional 316 shares during the period. Finally, Independent Advisor Alliance boosted its holdings in shares of Fifth Third Bancorp by 2.1% during the first quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock worth $598,000 after purchasing an additional 319 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their target price for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Truist Financial decreased their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $43.18 on Friday. 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 50 day simple moving average of $41.58 and a two-hundred day simple moving average of $39.96. The company has a market capitalization of $28.58 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.39 and a beta of 0.91. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

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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