Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by Impax Asset Management Group plc

Impax Asset Management Group plc boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 30.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 196,770 shares of the financial services provider's stock after purchasing an additional 46,374 shares during the quarter. Impax Asset Management Group plc's holdings in Fifth Third Bancorp were worth $7,713,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FITB. HWG Holdings LP bought a new position in Fifth Third Bancorp in the first quarter worth about $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $29,000. REAP Financial Group LLC grew its stake 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 during the last quarter. Grove Bank & Trust grew its stake 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 during the last quarter. Finally, Ethos Financial Group LLC purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $39,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded up $0.38 during mid-day trading on Tuesday, hitting $43.45. The company had a trading volume of 3,918,148 shares, compared to its average volume of 4,580,039. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company's fifty day moving average is $39.02 and its 200-day moving average is $40.03. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 13.79, a P/E/G ratio of 1.49 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the firm posted $0.70 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp's payout ratio is 46.98%.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent research reports. Truist Financial dropped their target price on 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. Jefferies Financial Group initiated 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 initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. dropped their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.53.

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.