Fifth Third Bancorp $FITB Shares Sold by Qtron Investments LLC

Key Points

• Qtron Investments LLC reduced its holdings in Fifth Third Bancorp by 30.8% in the first quarter, selling 7,432 shares and now holding 16,681 shares valued at $654,000.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37, representing an annualized dividend of $1.48 and a dividend yield of 3.5%.
• The company has authorized a stock buyback plan to repurchase 100 million shares, indicating that its board believes the stock is undervalued.

Qtron Investments LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 30.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,681 shares of the financial services provider's stock after selling 7,432 shares during the quarter. Qtron Investments LLC's holdings in Fifth Third Bancorp were worth $654,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Commerce Bank lifted its position in Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after buying an additional 282 shares during the period. Orca Wealth Management LLC raised its holdings in shares of Fifth Third Bancorp by 0.8% in the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after purchasing an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 3.0% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after purchasing an additional 300 shares during the period. Gotham Asset Management LLC raised its holdings in shares of Fifth Third Bancorp by 2.3% in the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after purchasing an additional 316 shares during the period. Finally, Independent Advisor Alliance raised its holdings in shares of Fifth Third Bancorp by 2.1% in the 1st quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock worth $598,000 after purchasing an additional 319 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 4.5%

Shares of NASDAQ:FITB traded up $1.91 during mid-day trading on Friday, hitting $44.79. 4,092,416 shares of the company traded hands, compared to its average volume of 3,516,230. The firm has a market cap of $29.65 billion, a P/E ratio of 13.91, a PEG ratio of 1.39 and a beta of 0.91. 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 52-week low of $32.25 and a 52-week high of $49.07. The firm's 50 day simple moving average is $42.06 and its 200 day simple moving average is $39.91.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FITB shares. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective on the stock. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Cowen started coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

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.