LSV Asset Management Sells 246,400 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• LSV Asset Management has reduced its holdings in Fifth Third Bancorp by 10%, selling 246,400 shares and now owns a total of 2,229,900 shares worth approximately $87.4 million.
• The company initiated a stock repurchase plan allowing for the buyback of 100 million shares, reflecting management's belief that the stock is undervalued.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37, with a dividend yield of 3.6% and a payout ratio of 45.96%.

LSV Asset Management trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 10.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,229,900 shares of the financial services provider's stock after selling 246,400 shares during the period. LSV Asset Management owned 0.33% of Fifth Third Bancorp worth $87,412,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FITB. Commerce Bank increased its position in shares of Fifth Third Bancorp by 0.7% during the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after purchasing an additional 282 shares in the last quarter. Orca Wealth Management LLC increased its position in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after purchasing an additional 294 shares in the last quarter. Meadow Creek Wealth Advisors LLC increased its position in shares of Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after purchasing an additional 300 shares in the last quarter. Gotham Asset Management LLC increased its position in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after purchasing an additional 316 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its position in shares of Fifth Third Bancorp by 0.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock worth $2,161,000 after purchasing an additional 322 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on FITB. 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. Barclays dropped their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Truist Financial dropped their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods decreased their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, TD Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Stock Down 1.6%

Shares of NASDAQ FITB opened at $40.91 on Friday. The firm has a market capitalization of $27.31 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.33 and a beta of 0.91. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm's 50-day moving average is $40.92 and its 200-day moving average is $40.08.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.6%. 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 stock repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

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.

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