Secure Asset Management LLC Reduces Position in Fifth Third Bancorp $FITB

Key Points

• Secure Asset Management LLC has reduced its holdings in Fifth Third Bancorp by 36.6%, selling 19,150 shares and now owning 33,172 shares worth approximately $1.36 million.
• Fifth Third Bancorp's Board of Directors has authorized a share repurchase plan for up to 100 million shares, indicating confidence in the stock's valuation.
• The firm is increasing its quarterly dividend from $0.37 to $0.40, reflecting a growing commitment to returning value to shareholders.

Secure Asset Management LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 36.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,172 shares of the financial services provider's stock after selling 19,150 shares during the period. Secure Asset Management LLC's holdings in Fifth Third Bancorp were worth $1,364,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the first quarter worth about $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp in the first quarter worth about $27,000. Larson Financial Group LLC grew its holdings in Fifth Third Bancorp by 91.3% in the first 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 holdings in Fifth Third Bancorp by 161.8% in the fourth 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 holdings in Fifth Third Bancorp by 60.7% in the first 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. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded down $1.13 on Monday, reaching $44.95. The company's stock had a trading volume of 5,458,187 shares, compared to its average volume of 4,304,061. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market cap of $29.75 billion, a P/E ratio of 13.96, a PEG ratio of 1.47 and a beta of 0.93. The company has a 50-day simple moving average of $43.73 and a 200 day simple moving average of $40.23. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is 45.96%.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent analyst reports. 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. Truist Financial increased their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. DA Davidson upgraded shares of 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 research report on Monday, June 9th. Finally, Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.13.

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.