Hancock Whitney Corp Sells 25,820 Shares of Fifth Third Bancorp $FITB

Key Points

• Hancock Whitney Corp has significantly reduced its holdings in Fifth Third Bancorp by 69%, now owning 11,626 shares after selling 25,820 shares during the first quarter.
• Several institutional investors, including Edmond DE Rothschild Holding S.A. and Alliancebernstein L.P., have increased their stakes in Fifth Third Bancorp, reflecting growing interest.
• The company has announced a quarterly dividend of $0.37, with a total annual dividend yield of 3.2%, alongside an authorization for a stock repurchase plan for up to 100 million shares.

Hancock Whitney Corp trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 69.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,626 shares of the financial services provider's stock after selling 25,820 shares during the period. Hancock Whitney Corp's holdings in Fifth Third Bancorp were worth $456,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. HWG Holdings LP purchased a new stake in Fifth Third Bancorp during the first quarter valued at about $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp during the first quarter valued at about $27,000. Larson Financial Group LLC boosted its position 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 valued at $29,000 after buying an additional 357 shares during the period. REAP Financial Group LLC boosted its position in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after buying an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its position 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 valued at $35,000 after buying an additional 335 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FITB shares. Cowen started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Wells Fargo & Company increased 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 issued a "buy" rating and a $47.00 price objective for the company. Finally, DA Davidson upgraded 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 report on Monday, June 9th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Trading Down 0.2%

FITB stock traded down $0.07 during trading on Tuesday, reaching $45.42. The company had a trading volume of 4,697,497 shares, compared to its average volume of 3,444,347. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a market cap of $30.06 billion, a P/E ratio of 14.11, a PEG ratio of 1.47 and a beta of 0.93. The business has a 50 day moving average of $43.36 and a 200 day moving average of $40.02. 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 declared that its Board of Directors has authorized a share buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 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.