Kovitz Investment Group Partners LLC Boosts Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Kovitz Investment Group Partners LLC has significantly increased its holdings in Fifth Third Bancorp by 510.7%, acquiring an additional 225,781 shares during the first quarter, now owning a total of 269,989 shares valued at $10,584,000.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend yield of 3.5% and a dividend payout ratio of 45.96%.
• The company has initiated a share repurchase program allowing for the buyback of 100 million outstanding shares, indicating management's belief that the stock is currently undervalued.

Kovitz Investment Group Partners LLC grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 510.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 269,989 shares of the financial services provider's stock after purchasing an additional 225,781 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Fifth Third Bancorp were worth $10,584,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FITB. Nuveen LLC purchased a new stake in shares of Fifth Third Bancorp during the first quarter valued at $334,805,000. Massachusetts Financial Services Co. MA bought a new position in Fifth Third Bancorp during the 1st quarter worth about $113,900,000. Charles Schwab Investment Management Inc. grew its holdings in Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after acquiring an additional 1,321,554 shares in the last quarter. GAMMA Investing LLC grew its holdings in Fifth Third Bancorp by 4,271.4% during the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after acquiring an additional 1,175,834 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new position in Fifth Third Bancorp during the 1st quarter worth about $40,989,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

FITB traded down $0.3390 during trading on Thursday, reaching $42.7610. 673,696 shares of the company's stock were exchanged, compared to its average volume of 4,924,424. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $28.30 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 1.39 and a beta of 0.91. The company's fifty day simple moving average is $41.85 and its 200-day simple moving average is $39.91.

Fifth Third Bancorp declared that its board has initiated a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Analyst Upgrades and Downgrades

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

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.