Lansforsakringar Fondforvaltning AB publ Sells 5,479 Shares of Fifth Third Bancorp $FITB

Key Points

• Lansforsakringar Fondforvaltning AB publ has reduced its stake in Fifth Third Bancorp by 7.0%, selling 5,479 shares and now holding 73,270 shares valued at approximately $2.87 million.
• Fifth Third Bancorp announced a stock buyback plan on June 16, allowing the repurchase of up to 100 million shares, indicating that the company's board perceives the shares as undervalued.
• The company has declared a quarterly dividend of $0.37 per share, resulting in an annualized yield of 3.2% based on a payout ratio of 45.96%.

Lansforsakringar Fondforvaltning AB publ reduced its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 73,270 shares of the financial services provider's stock after selling 5,479 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in Fifth Third Bancorp were worth $2,872,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of FITB. Quarry LP acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $29,000. AQR Capital Management LLC lifted its position in Fifth Third Bancorp by 453.9% during the fourth quarter. AQR Capital Management LLC now owns 464,863 shares of the financial services provider's stock worth $19,654,000 after acquiring an additional 380,933 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $6,655,000. Aptus Capital Advisors LLC lifted its position in Fifth Third Bancorp by 62.6% during the fourth quarter. Aptus Capital Advisors LLC now owns 7,816 shares of the financial services provider's stock worth $332,000 after acquiring an additional 3,009 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in Fifth Third Bancorp by 11.5% during the fourth quarter. Ancora Advisors LLC now owns 12,193 shares of the financial services provider's stock worth $516,000 after acquiring an additional 1,258 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on FITB. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, Cowen began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.64 during midday trading on Friday, reaching $45.62. The company's stock had a trading volume of 4,223,595 shares, compared to its average volume of 3,301,431. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The business's 50 day moving average price is $43.21 and its two-hundred day moving average price is $39.99. The company has a market cap of $30.20 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.48 and a beta of 0.93.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors 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.