Russell Investments Group Ltd. Raises Holdings in Fifth Third Bancorp $FITB

Key Points

• Russell Investments Group Ltd. increased its stake in Fifth Third Bancorp by 11.5%, acquiring an additional 50,702 shares, bringing its total holdings to 493,464 shares valued at approximately $19.34 million.
• Fifth Third Bancorp has announced a stock repurchase program allowing for the buyback of up to 100 million shares, indicating management's belief that the stock is undervalued.
• The firm recently declared a quarterly dividend of $0.37 per share, representing an annualized dividend of $1.48 with a yield of 3.5%.

Russell Investments Group Ltd. boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 493,464 shares of the financial services provider's stock after purchasing an additional 50,702 shares during the period. Russell Investments Group Ltd. owned about 0.07% of Fifth Third Bancorp worth $19,342,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FITB. Quarry LP acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth $27,000. Larson Financial Group LLC grew its stake 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 worth $29,000 after purchasing an additional 357 shares during the period. REAP Financial Group LLC grew its stake 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 worth $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust grew its stake 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 worth $35,000 after purchasing an additional 335 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 3.6%

Shares of NASDAQ:FITB traded up $1.5440 during midday trading on Friday, reaching $44.4240. The company's stock had a trading volume of 1,112,355 shares, compared to its average volume of 4,911,313. The firm has a market cap of $29.40 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.40 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 has a 1 year low of $32.25 and a 1 year high of $49.07. The business has a 50 day moving average price of $41.93 and a 200 day moving average price of $39.91.

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

FITB has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price target on the stock. Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. Two 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average 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.