Royal Bank of Canada Grows Holdings in Fifth Third Bancorp $FITB

Key Points

• Royal Bank of Canada increased its stake in Fifth Third Bancorp by 4.5% during the first quarter, owning approximately 0.98% of the company, valued at $255.2 million.
• Fifth Third Bancorp declared a quarterly dividend of $0.37, translating to an annualized dividend of $1.48 and a yield of 3.2%, with a payout ratio of 45.96%.
• Several research reports upgraded the stock's rating, with Wells Fargo raising its price target from $48 to $52 and the consensus target price currently at $47.80.

Royal Bank of Canada increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,510,095 shares of the financial services provider's stock after purchasing an additional 279,669 shares during the period. Royal Bank of Canada owned approximately 0.98% of Fifth Third Bancorp worth $255,196,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FITB. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at about $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $29,000. Larson Financial Group LLC increased its position in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 357 shares during the last quarter. REAP Financial Group LLC increased its position in shares of Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 487 shares during the last quarter. Finally, Grove Bank & Trust increased its position in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FITB. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their target price for the stock 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 for the company. 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 target price for the company. Finally, Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.64 during midday trading on Friday, reaching $45.62. 4,223,595 shares of the stock traded hands, compared to its average volume of 3,301,431. 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 stock has a market capitalization of $30.20 billion, a PE ratio of 14.17, a P/E/G ratio of 1.48 and a beta of 0.93. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company's 50 day moving average is $43.21 and its 200 day moving average is $39.99.

Fifth Third Bancorp Announces Dividend

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

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

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.