Legacy Financial Advisors Inc. Sells 6,011 Shares of Fifth Third Bancorp $FITB

Key Points

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Legacy Financial Advisors Inc. lessened its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,066 shares of the financial services provider's stock after selling 6,011 shares during the period. Legacy Financial Advisors Inc.'s holdings in Fifth Third Bancorp were worth $2,786,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Allianz Asset Management GmbH increased its stake in Fifth Third Bancorp by 5.8% in the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Deutsche Bank AG increased its stake in Fifth Third Bancorp by 27.3% in the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after purchasing an additional 438,446 shares in the last quarter. Principal Financial Group Inc. increased its stake in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after purchasing an additional 12,905 shares in the last quarter. Heartland Bank & Trust Co bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $1,011,000. Finally, U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 49.5% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after buying an additional 15,692 shares during the period. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FITB. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating for the company. 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. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. 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. Finally, TD Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $1.91 on Friday, hitting $44.79. 4,092,416 shares of the stock were exchanged, compared to its average volume of 3,496,568. 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 business's fifty day moving average is $42.06 and its 200 day moving average is $39.85. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a market capitalization of $29.65 billion, a PE ratio of 13.91, a P/E/G ratio of 1.45 and a beta of 0.91.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.37 dividend. 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 is presently 45.96%.

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

Fifth Third Bancorp 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.