6,077 Shares in Fifth Third Bancorp (NASDAQ:FITB) Purchased by Horan Capital Advisors LLC.

Key Points

• Horan Capital Advisors LLC has acquired 6,077 shares of Fifth Third Bancorp, representing an investment of approximately $238,000 during the first quarter.
• Fifth Third Bancorp's Board of Directors has authorized a share repurchase plan that allows the buying back of up to 100 million shares, indicating a belief that the stock is undervalued.
• Analysts have mixed ratings on Fifth Third Bancorp stock, with a current consensus rating of "Moderate Buy" and a consensus price target of $47.80.

Horan Capital Advisors LLC. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,077 shares of the financial services provider's stock, valued at approximately $238,000.

Other hedge funds also recently modified their holdings of the company. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Larson Financial Group LLC raised its holdings in shares of 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 worth $29,000 after acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC raised its holdings in shares of 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 worth $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in shares of Fifth Third Bancorp by 60.7% during 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 in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

FITB has been the subject of several recent research reports. TD Cowen initiated 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. Keefe, Bruyette & Woods lowered their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. Truist Financial lowered their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Barclays lowered their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.33 during midday trading on Thursday, hitting $41.90. The company's stock had a trading volume of 1,727,290 shares, compared to its average volume of 5,071,741. The stock has a market capitalization of $27.96 billion, a price-to-earnings ratio of 13.02, a PEG ratio of 1.38 and a beta of 0.91. The stock's 50 day simple moving average is $40.76 and its 200 day simple moving average is $40.12. 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 debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp announced that its board has authorized a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.53%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

About Fifth Third Bancorp

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.