Fifth Third Bancorp $FITB Shares Acquired by Jump Financial LLC

Key Points

• Jump Financial LLC increased its stake in Fifth Third Bancorp by 382.2% during the 1st quarter, owning a total of 30,049 shares valued at approximately $1,178,000.
• Several hedge funds, including Commerce Bank and Orca Wealth Management LLC, have also raised their stakes in Fifth Third Bancorp, indicating strong institutional interest in the company.
• Analysts have a generally positive outlook on Fifth Third Bancorp, with Wells Fargo raising the price target from $48.00 to $52.00 and a consensus recommendation of "Moderate Buy" with an average price target of $47.80.

Jump Financial LLC boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 382.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 30,049 shares of the financial services provider's stock after acquiring an additional 23,817 shares during the period. Jump Financial LLC's holdings in Fifth Third Bancorp were worth $1,178,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $113,900,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 6.1% in 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 purchasing an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Fifth Third Bancorp by 4,271.4% in the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $40,989,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FITB. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Wells Fargo & Company lifted their price target 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. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Down 0.4%

FITB stock traded down $0.21 during trading on Wednesday, reaching $45.37. The stock had a trading volume of 1,673,561 shares, compared to its average volume of 4,877,237. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $30.03 billion, a P/E ratio of 14.09, a PEG ratio of 1.48 and a beta of 0.93. The firm has a fifty day moving average price of $42.93 and a 200 day moving average price of $39.96.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.