Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by National Pension Service

Key Points

• The National Pension Service increased its stake in Fifth Third Bancorp by 7.2%, owning 1,139,830 shares valued at approximately $44.68 million.
• Fifth Third Bancorp announced a quarterly dividend of $0.37 per share and has authorized a buyback program to repurchase up to 100 million shares, indicating potential undervaluation.
• Analyst ratings for Fifth Third Bancorp reflect a generally positive outlook, with an average rating of "Moderate Buy" and a price target of $47.80, showcasing overall market confidence in the stock.

National Pension Service increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,139,830 shares of the financial services provider's stock after buying an additional 77,047 shares during the quarter. National Pension Service owned 0.17% of Fifth Third Bancorp worth $44,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Allianz Asset Management GmbH lifted its position in Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after buying an additional 16,000 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Fifth Third Bancorp by 27.3% during 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 during the period. Principal Financial Group Inc. grew its holdings in shares of 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 worth $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new position in shares of Fifth Third Bancorp in the first quarter worth $1,011,000. Finally, U.S. Capital Wealth Advisors LLC increased its stake 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 worth $1,858,000 after buying an additional 15,692 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 1.6%

Shares of NASDAQ FITB traded down $0.70 during mid-day trading on Friday, hitting $42.48. The company had a trading volume of 3,565,896 shares, compared to its average volume of 4,646,444. The company has a market capitalization of $28.12 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.38 and a beta of 0.91. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The business's 50-day simple moving average is $41.65 and its 200 day simple moving average is $39.91.

Fifth Third Bancorp announced that its board has authorized a share buyback 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 purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.37 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target on the stock. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Truist Financial reduced their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Barclays reduced their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.80.

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.