Janney Montgomery Scott LLC Has $9.08 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Janney Montgomery Scott LLC reduced its holdings in Fifth Third Bancorp by 11.4%, owning 220,793 shares valued at $9.08 million as of the latest SEC filing.
• Fifth Third Bancorp announced a quarterly dividend increase to $0.40 per share, representing a 3.6% yield, with shares scheduled to trade ex-dividend on September 30th.
• Analysts have raised their price targets for Fifth Third Bancorp, with Truist Financial increasing the price objective from $48 to $52 and maintaining a "buy" rating.

Janney Montgomery Scott LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 220,793 shares of the financial services provider's stock after selling 28,324 shares during the quarter. Janney Montgomery Scott LLC's holdings in Fifth Third Bancorp were worth $9,081,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FITB. Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after acquiring an additional 1,321,554 shares during the last quarter. Invesco Ltd. raised its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after acquiring an additional 862,374 shares during the last quarter. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $334,805,000. Royal Bank of Canada raised its position in shares of Fifth Third Bancorp by 4.5% during the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider's stock valued at $255,196,000 after acquiring an additional 279,669 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Fifth Third Bancorp by 12.1% during the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider's stock valued at $197,117,000 after acquiring an additional 542,934 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 0.4%

Shares of NASDAQ:FITB opened at $44.41 on Friday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market capitalization of $29.39 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The company has a 50-day simple moving average of $44.10 and a 200 day simple moving average of $40.61. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.6%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

FITB has been the subject of a number of recent analyst reports. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Weiss Ratings restated a "buy (b-)" rating on shares of Fifth Third Bancorp in a research report on Saturday, September 27th. Wolfe Research upped their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday. Piper Sandler upped their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Finally, Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus price target of $49.47.

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.