Prudential PLC Has $348,000 Stock Position in Fifth Third Bancorp $FITB

Key Points

• Prudential PLC significantly reduced its holdings in Fifth Third Bancorp by 93.5%, selling 127,161 shares during the 1st quarter, leaving it with only 8,879 shares valued at $348,000.
• Fifth Third Bancorp's board approved a share repurchase program allowing the purchase of 100 million shares, indicating that management believes the shares are undervalued.
• The company recently declared a quarterly dividend of $0.37 per share with a dividend yield of 3.5%, reflecting a payout ratio of 45.96%.

Prudential PLC cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 93.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,879 shares of the financial services provider's stock after selling 127,161 shares during the period. Prudential PLC's holdings in Fifth Third Bancorp were worth $348,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FITB. Nuveen LLC purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 6.1% during 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 in the last quarter. GAMMA Investing LLC grew its position in Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $40,989,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $1.5440 on Friday, reaching $44.4240. The stock had a trading volume of 1,112,355 shares, compared to its average volume of 4,911,313. The business's 50-day moving average price is $41.93 and its two-hundred day moving average price is $39.91. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock has a market cap of $29.40 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91.

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

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's payout ratio is presently 45.96%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FITB. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. Finally, Wells Fargo & Company boosted 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. Two research 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.