Lbp Am Sa Takes $9.17 Million Position in Fifth Third Bancorp $FITB

Key Points

• Lbp Am Sa has acquired a new position in Fifth Third Bancorp, purchasing 222,913 shares valued at approximately $9.17 million.
• Fifth Third Bancorp's Board of Directors has approved a share repurchase program allowing the buyback of 100 million shares, indicating confidence in the stock's valuation.
• The company recently announced a quarterly dividend increase to $0.40 per share, up from $0.37, reflecting a dividend yield of 3.6%.

Lbp Am Sa purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 222,913 shares of the financial services provider's stock, valued at approximately $9,168,000.

Several other hedge funds have also modified their holdings of FITB. GAMMA Investing LLC grew its stake in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Fifth Third Bancorp by 15.0% during the first quarter. Fifth Third Wealth Advisors LLC now owns 7,641 shares of the financial services provider's stock valued at $300,000 after purchasing an additional 999 shares during the last quarter. Merit Financial Group LLC grew its stake in shares of Fifth Third Bancorp by 25.3% during the first quarter. Merit Financial Group LLC now owns 20,595 shares of the financial services provider's stock valued at $807,000 after purchasing an additional 4,155 shares during the last quarter. Sentry Investment Management LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $89,000. Finally, Secure Asset Management LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $2,051,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 0.4%

Shares of NASDAQ:FITB opened at $44.35 on Thursday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month 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. The company's fifty day simple moving average is $44.04 and its 200 day simple moving average is $40.52. The firm has a market cap of $29.35 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 1.43 and a beta of 0.95.

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

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. Evercore ISI increased their price objective on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a report on Tuesday. Piper Sandler increased their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, September 10th. Finally, Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

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.

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