Kodai Capital Management LP Takes Position in Fifth Third Bancorp $FITB

Key Points

• Kodai Capital Management LP has made a new investment in Fifth Third Bancorp, acquiring 145,637 shares valued at approximately $5.71 million.
• Institutional ownership is significant, with 83.79% of Fifth Third Bancorp being held by institutional investors and hedge funds, indicating strong confidence in the company.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, representing a 3.2% dividend yield and a share repurchase authorization for up to 100 million shares.

Kodai Capital Management LP purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 145,637 shares of the financial services provider's stock, valued at approximately $5,709,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $27,000. Quarry LP bought a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC boosted its stake in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the last quarter. REAP Financial Group LLC boosted its stake in Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 487 shares during the last quarter. Finally, Grove Bank & Trust boosted its position in shares of Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FITB. Cowen began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set 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 research note on Tuesday, June 10th. TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target 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 given a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.15 during midday trading on Wednesday, reaching $45.42. 1,265,085 shares of the company were exchanged, compared to its average volume of 4,875,031. The stock's 50-day moving average price is $42.93 and its 200-day moving average price is $39.96. The stock has a market cap of $30.06 billion, a P/E ratio of 14.12, a PEG ratio of 1.48 and a beta of 0.93. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Fifth Third Bancorp declared that its board has initiated a stock buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are 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.