HighTower Advisors LLC Raises Position in Fifth Third Bancorp $FITB

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

HighTower Advisors LLC raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 28.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 199,513 shares of the financial services provider's stock after purchasing an additional 44,502 shares during the period. HighTower Advisors LLC's holdings in Fifth Third Bancorp were worth $7,821,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Quarry LP bought a new stake in Fifth Third Bancorp during the fourth quarter valued at about $29,000. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp in the first quarter worth about $27,000. Larson Financial Group LLC boosted its stake in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares during the period. REAP Financial Group LLC boosted its stake in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its stake in shares of Fifth Third Bancorp by 60.7% in 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. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $1.91 during mid-day trading on Friday, reaching $44.79. The stock had a trading volume of 4,092,416 shares, compared to its average volume of 3,496,568. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The business's 50 day moving average price is $42.06 and its 200 day moving average price is $39.85. The company has a market cap of $29.65 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91.

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

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp's dividend payout ratio is 45.96%.

Analyst Ratings Changes

FITB has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Jefferies Financial Group started coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Cowen started coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

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.