PNC Financial Services Group Inc. Purchases 20,907 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Fifth Third Bancorp by 7.9%, acquiring an additional 20,907 shares during the first quarter, bringing its total ownership to 284,417 shares valued at approximately $11.15 million.
• Fifth Third Bancorp announced a stock repurchase plan to buy back 100 million shares, indicating confidence from its board in the stock's value.
• The company also recently declared a quarterly dividend of $0.37 per share, translating to an annualized yield of 3.6% and a payout ratio of 45.96%.

PNC Financial Services Group Inc. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 284,417 shares of the financial services provider's stock after purchasing an additional 20,907 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Fifth Third Bancorp were worth $11,149,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. World Investment Advisors grew its stake in Fifth Third Bancorp by 94.3% in the fourth quarter. World Investment Advisors now owns 11,930 shares of the financial services provider's stock valued at $504,000 after purchasing an additional 5,791 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $8,228,000. Envestnet Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 3.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,809,307 shares of the financial services provider's stock worth $76,498,000 after buying an additional 64,932 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Fifth Third Bancorp by 33.9% during the 4th quarter. Federated Hermes Inc. now owns 57,515 shares of the financial services provider's stock worth $2,432,000 after acquiring an additional 14,550 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Cerity Partners LLC now owns 281,983 shares of the financial services provider's stock worth $11,935,000 after acquiring an additional 1,366 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $41.34 on Wednesday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a market cap of $27.59 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.34 and a beta of 0.91. The business has a 50-day simple moving average of $41.07 and a 200-day simple moving average of $40.04.

Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Barclays lowered their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their price target on 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. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.

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