IFM Investors Pty Ltd Has $5.61 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• IFM Investors Pty Ltd increased its holdings in Fifth Third Bancorp by 6.0% this quarter, bringing its total shares to 136,377, valued at approximately $5.6 million.
• Fifth Third Bancorp recently raised its quarterly dividend from $0.37 to $0.40, equivalent to an annualized yield of 3.5%, effective October 15th.
• Several analysts have issued positive ratings for Fifth Third Bancorp, with price targets ranging from $47.00 to $52.00, indicating a consensus rating of "Moderate Buy."

IFM Investors Pty Ltd boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,377 shares of the financial services provider's stock after purchasing an additional 7,765 shares during the period. IFM Investors Pty Ltd's holdings in Fifth Third Bancorp were worth $5,609,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $27,000. Larson Financial Group LLC raised 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 valued at $29,000 after acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC boosted its holdings in 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 valued at $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust grew its stake in Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 2.5%

Shares of NASDAQ:FITB traded down $1.13 during midday trading on Monday, reaching $44.95. The company's stock had a trading volume of 5,458,187 shares, compared to its average volume of 4,304,061. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market cap of $29.75 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The business has a 50 day moving average price of $43.70 and a 200 day moving average price of $40.19. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. Fifth Third Bancorp's payout ratio is currently 45.96%.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on FITB shares. Wells Fargo & Company boosted their price objective 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. Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, September 10th. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Truist Financial raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $48.13.

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.