Panagora Asset Management Inc. Has $45.47 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Panagora Asset Management Inc. reduced its stake in Fifth Third Bancorp by 23.8%, owning approximately 1,160,062 shares worth $45.47 million after selling 363,000 shares in the first quarter.
• Fifth Third Bancorp has authorized a stock buyback program, allowing it to repurchase up to 100 million shares, indicating management believes the stock is undervalued.
• The company recently declared a quarterly dividend of $0.37 per share, with an annualized dividend yield of 3.2%, and a payout ratio of 45.96%.

Panagora Asset Management Inc. cut its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 23.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,160,062 shares of the financial services provider's stock after selling 363,000 shares during the period. Panagora Asset Management Inc. owned approximately 0.17% of Fifth Third Bancorp worth $45,474,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. HWG Holdings LP acquired a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $27,000. Quarry LP bought a new stake in Fifth Third Bancorp in the 4th quarter valued at $29,000. Larson Financial Group LLC raised 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 buying an additional 357 shares in the last quarter. REAP Financial Group LLC lifted its holdings in shares of 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 worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its position in shares of 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 acquiring an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.4%

Shares of FITB traded down $0.20 on Tuesday, reaching $45.57. 4,966,174 shares of the company's stock were exchanged, compared to its average volume of 4,897,286. The business has a 50 day moving average price of $42.83 and a two-hundred day moving average price of $39.92. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a market capitalization of $30.16 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp's payout ratio is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

FITB has been the subject of a number of analyst reports. 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. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Cowen began coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Finally, TD Cowen assumed 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 for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average price target 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.