Kestra Advisory Services LLC Purchases 8,699 Shares of Fifth Third Bancorp $FITB

Key Points

• Kestra Advisory Services LLC raised its stake in Fifth Third Bancorp by 11.6%, purchasing an additional 8,699 shares for a total of 83,986 shares valued at approximately $3,292,000.
• Fifth Third Bancorp has launched a stock buyback program allowing the repurchase of up to 100 million shares, indicating that the board perceives the stock to be undervalued.
• The company announced a quarterly dividend of $0.37 per share, which equates to an annualized dividend of $1.48 and a yield of 3.3%.

Kestra Advisory Services LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 83,986 shares of the financial services provider's stock after buying an additional 8,699 shares during the quarter. Kestra Advisory Services LLC's holdings in Fifth Third Bancorp were worth $3,292,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FITB. HWG Holdings LP bought a new position in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Quarry LP bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $29,000. Larson Financial Group LLC increased its holdings in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after buying an additional 357 shares during the period. REAP Financial Group LLC increased its holdings in Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after buying an additional 487 shares during the period. Finally, Grove Bank & Trust increased its holdings in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after buying an additional 335 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 1.1%

NASDAQ:FITB opened at $45.51 on Thursday. The firm's 50 day simple moving average is $42.46 and its 200 day simple moving average is $39.93. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a market cap of $30.12 billion, a PE ratio of 14.13, a P/E/G ratio of 1.46 and a beta of 0.91.

Fifth Third Bancorp announced that its board has approved a stock repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date was Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. 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 price target on the stock. DA Davidson raised 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. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold 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 $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.

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