Patton Fund Management Inc. Buys Shares of 6,243 Fifth Third Bancorp $FITB

Key Points

• Patton Fund Management Inc. has acquired a new stake in Fifth Third Bancorp, purchasing 6,243 shares valued at approximately $257,000.
• Fifth Third Bancorp recently increased its quarterly dividend from $0.37 to $0.40, indicating a commitment to returning value to shareholders.
• Analysts have raised their price targets for Fifth Third Bancorp, with ratings ranging from Strong Buy to Neutral, reflecting positive sentiment on the stock's future performance.

Patton Fund Management Inc. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 6,243 shares of the financial services provider's stock, valued at approximately $257,000.

Other hedge funds have also recently bought and sold shares of the company. Allianz Asset Management GmbH boosted its stake in shares of 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 valued at $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Fifth Third Bancorp by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after purchasing an additional 12,905 shares in the last quarter. Heartland Bank & Trust Co acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $1,011,000. U.S. Capital Wealth Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 49.5% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after purchasing an additional 15,692 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of Fifth Third Bancorp by 1,448.6% in the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock valued at $3,845,000 after purchasing an additional 91,754 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FITB shares. Truist Financial raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Citigroup lifted their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.60.

Fifth Third Bancorp Stock Up 0.3%

Shares of NASDAQ FITB opened at $45.43 on Friday. The company has a market capitalization of $30.07 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The company's 50 day moving average price is $43.92 and its 200-day moving average price is $40.40.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.40 dividend. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Fifth Third Bancorp announced that its board has authorized a stock repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Fifth Third Bancorp 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.

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