GW Henssler & Associates Ltd. Buys 27,361 Shares of Fifth Third Bancorp $FITB

Key Points

• GW Henssler & Associates Ltd. increased its stake in Fifth Third Bancorp by 5.0%, acquiring an additional 27,361 shares, bringing its total to 574,281 shares.
• The company has initiated a share buyback program allowing for the repurchase of up to 100 million shares, a move indicating potential undervaluation of its stock.
• Fifth Third Bancorp also announced a quarterly dividend increase to $0.40 per share, representing an annual yield of 3.9% and a payout ratio of 49.69%.

GW Henssler & Associates Ltd. increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 574,281 shares of the financial services provider's stock after acquiring an additional 27,361 shares during the quarter. Fifth Third Bancorp makes up about 1.3% of GW Henssler & Associates Ltd.'s portfolio, making the stock its 26th largest position. GW Henssler & Associates Ltd. owned approximately 0.09% of Fifth Third Bancorp worth $23,620,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Fifth Third Bancorp in the first quarter valued at $334,805,000. Massachusetts Financial Services Co. MA bought a new position in shares of Fifth Third Bancorp in the first quarter valued at $113,900,000. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 valued at $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in shares of Fifth Third Bancorp in the first quarter valued at $40,989,000. Finally, Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after buying an additional 862,374 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $41.47 on Friday. The firm has a 50-day moving average of $44.23 and a 200-day moving average of $40.72. The company has a market cap of $27.45 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.34 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp announced that its board has initiated a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is 49.69%.

Analyst Ratings Changes

A number of research firms have weighed in on FITB. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a research note on Wednesday. Stephens raised their price objective on shares of Fifth Third Bancorp from $47.00 to $49.00 in a research note on Tuesday, October 7th. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a research note on Tuesday, October 7th. UBS Group raised their price objective on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday, October 7th. Finally, Truist Financial raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.20.

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.

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