2,905,602 Shares in Fifth Third Bancorp (NASDAQ:FITB) Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,905,602 shares of the financial services provider's stock, valued at approximately $113,900,000. Massachusetts Financial Services Co. MA owned 0.43% of Fifth Third Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meadow Creek Wealth Advisors LLC increased its stake in 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 buying an additional 300 shares during the period. Oxford Financial Group LTD. LLC increased its position in shares of Fifth Third Bancorp by 3.1% in the 4th quarter. Oxford Financial Group LTD. LLC now owns 10,341 shares of the financial services provider's stock worth $437,000 after purchasing an additional 313 shares during the last quarter. Gotham Asset Management LLC increased its position in shares of Fifth Third Bancorp by 2.3% in 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 during the last quarter. Summit Investment Advisors Inc. increased its position in shares of Fifth Third Bancorp by 0.6% in 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 during the last quarter. Finally, Grove Bank & Trust increased its position in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded down $0.44 during midday trading on Thursday, reaching $42.61. 13,448,804 shares of the stock traded hands, compared to its average volume of 4,651,150. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average price of $39.99 and a two-hundred day moving average price of $40.09. The firm has a market cap of $28.44 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.40 and a beta of 0.91. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.01. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.22 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same period in the prior year, the business posted $0.81 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

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

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.47%. Fifth Third Bancorp's payout ratio is currently 46.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price for the company in a research report on Monday, April 7th. 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 for the company. Truist Financial decreased their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus target price of $47.53.

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.