Raymond James Financial Inc. Sells 32,398 Shares of Fifth Third Bancorp $FITB

Key Points

• Raymond James Financial Inc. reduced its stake in Fifth Third Bancorp by 3.5%, selling 32,398 shares, and now holds 889,328 shares valued at approximately $34.86 million.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, with an annualized dividend of $1.48 and a dividend yield of 3.3%.
• The company initiated a stock buyback program allowing for the repurchase of 100 million outstanding shares, signaling management's belief that the stock is currently undervalued.

Raymond James Financial Inc. trimmed its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 889,328 shares of the financial services provider's stock after selling 32,398 shares during the quarter. Raymond James Financial Inc. owned approximately 0.13% of Fifth Third Bancorp worth $34,862,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allianz Asset Management GmbH raised its holdings 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 during the period. Deutsche Bank AG raised its holdings in Fifth Third Bancorp by 27.3% in the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after acquiring an additional 438,446 shares during the period. Principal Financial Group Inc. raised its holdings in 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 acquiring an additional 12,905 shares during the period. Heartland Bank & Trust Co bought a new position in Fifth Third Bancorp in the 1st quarter valued at about $1,011,000. Finally, U.S. Capital Wealth Advisors LLC raised its holdings in 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 acquiring an additional 15,692 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $44.79 on Friday. The company's 50 day moving average price is $42.06 and its two-hundred day moving average price is $39.88. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm has a market cap of $29.65 billion, a PE ratio of 13.91, a PEG ratio of 1.45 and a beta of 0.91. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Dividend Announcement

The company 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. The ex-dividend date was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 45.96%.

Fifth Third Bancorp announced that its board has initiated a stock buyback program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

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

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.