Rafferty Asset Management LLC Decreases Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Rafferty Asset Management LLC has reduced its stake in Fifth Third Bancorp by 7.2%, owning 219,605 shares valued at approximately $8.61 million.
• Fifth Third Bancorp's board has approved a share buyback plan allowing the repurchase of up to 100 million outstanding shares, signaling confidence in the stock's valuation.
• The company declared a quarterly dividend of $0.37 per share, representing an annual yield of 3.3% and a payout ratio of 45.96%.

Rafferty Asset Management LLC lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 219,605 shares of the financial services provider's stock after selling 16,968 shares during the period. Rafferty Asset Management LLC's holdings in Fifth Third Bancorp were worth $8,609,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Commerce Bank grew its stake 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 purchasing an additional 282 shares during the period. Orca Wealth Management LLC grew its stake in Fifth Third Bancorp by 0.8% during the first 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 grew its stake in Fifth Third Bancorp by 3.0% during the first 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 boosted its holdings in Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after acquiring an additional 316 shares in the last quarter. Finally, Independent Advisor Alliance boosted its holdings in Fifth Third Bancorp by 2.1% in the first quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock worth $598,000 after acquiring an additional 319 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.4%

Shares of FITB stock traded up $0.17 during trading hours on Monday, reaching $45.77. The company had a trading volume of 2,851,587 shares, compared to its average volume of 3,462,732. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day simple moving average of $42.72 and a 200-day simple moving average of $39.91. The company has a market cap of $30.29 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93.

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FITB has been the topic of several recent research reports. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target on the stock. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target on the stock. Finally, Cowen initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Company 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.