Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in Fifth Third Bancorp to about $695.27 million, acquiring an additional 862,374 shares in the first quarter.
• Fifth Third Bancorp has approved a stock repurchase program to buy back up to 100 million shares, indicating the board's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, representing an annualized dividend of $1.48 with a yield of 3.6%.

Invesco Ltd. grew its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,736,353 shares of the financial services provider's stock after purchasing an additional 862,374 shares during the quarter. Invesco Ltd. owned approximately 2.66% of Fifth Third Bancorp worth $695,265,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FITB. Federated Hermes Inc. lifted its position in shares of Fifth Third Bancorp by 33.9% during the 4th quarter. Federated Hermes Inc. now owns 57,515 shares of the financial services provider's stock worth $2,432,000 after buying an additional 14,550 shares during the last quarter. FIL Ltd raised its stake in Fifth Third Bancorp by 92.3% during the 4th quarter. FIL Ltd now owns 19,422 shares of the financial services provider's stock worth $821,000 after acquiring an additional 9,321 shares in the last quarter. Bank of Nova Scotia lifted its position in Fifth Third Bancorp by 3.2% in the fourth quarter. Bank of Nova Scotia now owns 89,706 shares of the financial services provider's stock valued at $3,793,000 after acquiring an additional 2,752 shares during the last quarter. Advisory Services Network LLC boosted its stake in Fifth Third Bancorp by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 40,503 shares of the financial services provider's stock valued at $1,712,000 after acquiring an additional 1,098 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $38,971,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.37 during midday trading on Monday, reaching $41.27. The stock had a trading volume of 3,735,918 shares, compared to its average volume of 5,871,745. 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 stock has a market cap of $27.32 billion, a P/E ratio of 12.82, a P/E/G ratio of 1.35 and a beta of 0.91. The firm has a fifty day simple moving average of $41.33 and a two-hundred day simple moving average of $39.93. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on FITB shares. Jefferies Financial Group began coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Barclays reduced their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note 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. Finally, Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.80.

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.