Joseph Group Capital Management Buys 8,873 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Joseph Group Capital Management lifted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,091 shares of the financial services provider's stock after purchasing an additional 8,873 shares during the period. Joseph Group Capital Management's holdings in Fifth Third Bancorp were worth $2,904,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FITB. Norges Bank bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $371,836,000. GAMMA Investing LLC grew its holdings in shares of Fifth Third Bancorp by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. First Trust Advisors LP grew its holdings in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after acquiring an additional 1,027,044 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $38,971,000. Finally, Boston Partners increased its position in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB opened at $44.05 on Friday. The stock's 50-day moving average price is $39.47 and its 200 day moving average price is $40.09. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm has a market cap of $29.40 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.50 and a beta of 0.91.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Fifth Third Bancorp announced that its board has initiated a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have commented on FITB shares. Truist Financial cut 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. Cowen began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Barclays lowered their target price on shares of 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. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.53.

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.

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