Robeco Institutional Asset Management B.V. Has $3.51 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Robeco Institutional Asset Management B.V. reduced its stake in Fifth Third Bancorp by 45%, holding 85,411 shares worth $3.51 million after selling 69,808 shares in the second quarter.
• Fifth Third Bancorp announced an increase in its quarterly dividend from $0.37 to $0.40 per share, reflecting a dividend yield of 3.7% and a payout ratio of 49.69%.
• Various research firms have given Fifth Third Bancorp a consensus rating of "Moderate Buy" with a target price of $49.47, as analysts continue to view the stock positively.

Robeco Institutional Asset Management B.V. cut its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 45.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 85,411 shares of the financial services provider's stock after selling 69,808 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Fifth Third Bancorp were worth $3,513,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Nuveen LLC bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $334,805,000. Massachusetts Financial Services Co. MA bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $113,900,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $40,989,000. Finally, Invesco Ltd. boosted its holdings in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock worth $695,265,000 after buying an additional 862,374 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FITB. Weiss Ratings restated a "buy (b-)" rating on shares of Fifth Third Bancorp in a report on Saturday, September 27th. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research note on Monday, September 29th. Piper Sandler raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, September 10th. Finally, Robert W. Baird raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Thursday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.47.

Fifth Third Bancorp Stock Down 1.4%

Shares of NASDAQ:FITB opened at $43.79 on Tuesday. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.42 and a beta of 0.95. 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 has a 12-month low of $32.25 and a 12-month high of $49.07. The business's 50 day moving average is $44.13 and its 200 day moving average is $40.64.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. Fifth Third Bancorp's payout ratio is presently 49.69%.

Fifth Third Bancorp declared that its Board of Directors has initiated a stock buyback plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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.

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