Natixis Advisors LLC Sells 75,566 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Natixis Advisors LLC has reduced its stake in Fifth Third Bancorp by 9.3%, selling 75,566 shares, and now owns approximately 740,550 shares valued at $29 million.
• Fifth Third Bancorp has initiated a share buyback program allowing it to repurchase up to 100 million shares, suggesting the board believes the stock is undervalued.
• The company declared a quarterly dividend of $0.37, with a 3.6% yield, and a dividend payout ratio of 45.96%.

Natixis Advisors LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 740,550 shares of the financial services provider's stock after selling 75,566 shares during the period. Natixis Advisors LLC owned about 0.11% of Fifth Third Bancorp worth $29,030,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Larson Financial Group LLC increased its stake in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares in the last quarter. REAP Financial Group LLC increased its stake in Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust increased its stake in Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent research reports. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a report on Monday, April 7th. Keefe, Bruyette & Woods reduced their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. 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. Finally, Wells Fargo & Company boosted their price target 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Trading Down 0.2%

Shares of FITB traded down $0.09 during trading hours on Tuesday, reaching $41.34. 3,558,528 shares of the company traded hands, compared to its average volume of 5,074,272. The company's fifty day moving average price is $41.00 and its two-hundred day moving average price is $40.03. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.33 and a beta of 0.91. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp declared that its Board of Directors has authorized a share buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 3.6%. Fifth Third Bancorp's payout ratio is presently 45.96%.

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.