Korea Investment CORP Sells 9,900 Shares of Fifth Third Bancorp $FITB

Key Points

• Korea Investment CORP reduced its stake in Fifth Third Bancorp by 4.6%, owning 203,664 shares worth approximately $7.98 million after selling 9,900 shares in the first quarter.
• Shareholders recently received a dividend of $0.37 per share, representing an annualized yield of 3.3%, and a stock repurchase plan was authorized to buy back up to 100 million shares.
• Fifth Third Bancorp's current average stock rating is "Moderate Buy" with a target price averaging $47.80 following positive analyst reports from multiple institutions.

Korea Investment CORP lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,664 shares of the financial services provider's stock after selling 9,900 shares during the quarter. Korea Investment CORP's holdings in Fifth Third Bancorp were worth $7,984,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. HWG Holdings LP acquired a new stake in Fifth Third Bancorp during the first quarter worth about $27,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Larson Financial Group LLC boosted its position in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC increased 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 raised its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cowen started coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. TD Cowen assumed coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Finally, DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Two 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Trading Down 1.0%

FITB stock traded down $0.43 during mid-day trading on Monday, reaching $44.36. The company's stock had a trading volume of 4,569,166 shares, compared to its average volume of 3,496,568. 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 0.81 and a debt-to-equity ratio of 0.76. The business's 50 day moving average price is $42.18 and its 200 day moving average price is $39.86. The company has a market cap of $29.36 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91.

Fifth Third Bancorp announced that its board has authorized a stock repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 yield of 3.3%. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

About Fifth Third Bancorp

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.