Northern Trust Corp Has $274.09 Million Stake in Fifth Third Bancorp $FITB

Key Points

• Northern Trust Corp reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.2%, owning approximately 1.05% of the company, which is valued at $274.09 million.
• Fifth Third Bancorp's Board approved a stock buyback plan allowing for the repurchase of up to 100 million shares, indicating belief in the stock's undervaluation.
• The company recently declared a quarterly dividend of $0.37 per share, reflecting an annual yield of 3.4% and a payout ratio of 45.96%.

Northern Trust Corp cut its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,992,175 shares of the financial services provider's stock after selling 82,345 shares during the quarter. Northern Trust Corp owned approximately 1.05% of Fifth Third Bancorp worth $274,093,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Invesco Ltd. grew its position in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $334,805,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Fifth Third Bancorp by 15.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,229,103 shares of the financial services provider's stock valued at $178,806,000 after purchasing an additional 564,860 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $113,900,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FITB shares. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. Jefferies Financial Group began 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. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Stock Down 0.9%

NASDAQ:FITB traded down $0.3850 on Monday, hitting $44.4050. 1,854,415 shares of the company's stock traded hands, compared to its average volume of 4,910,806. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market cap of $29.39 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91. The firm has a 50-day moving average price of $42.06 and a 200-day moving average price of $39.85.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.37 per share. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

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.