Sit Investment Associates Inc. Decreases Stake in Fifth Third Bancorp $FITB

Key Points

• Sit Investment Associates Inc. reduced its stake in Fifth Third Bancorp by 17.2%, now holding 196,315 shares valued at approximately $7.70 million.
• Several hedge funds, including Charles Schwab and Invesco, increased their stakes in Fifth Third Bancorp, highlighting strong institutional interest with 83.79% of the stock owned by institutions.
• Fifth Third Bancorp's Board approved a share repurchase plan for up to 100 million shares, indicating confidence in the stock's value.

Sit Investment Associates Inc. cut its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 17.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 196,315 shares of the financial services provider's stock after selling 40,810 shares during the period. Sit Investment Associates Inc.'s holdings in Fifth Third Bancorp were worth $7,696,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Commerce Bank raised its holdings in Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock valued at $1,581,000 after acquiring an additional 282 shares during the last quarter. Orca Wealth Management LLC increased its holdings in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after buying an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after buying an additional 300 shares during the last quarter. Gotham Asset Management LLC increased its holdings in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after buying an additional 316 shares during the last quarter. Finally, Independent Advisor Alliance increased its holdings in shares of Fifth Third Bancorp by 2.1% during the 1st quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock worth $598,000 after buying an additional 319 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.7%

Fifth Third Bancorp stock traded up $0.30 during trading on Wednesday, reaching $43.10. 2,787,521 shares of the company's stock were exchanged, compared to its average volume of 3,841,271. The company's 50-day moving average is $41.85 and its two-hundred day moving average is $39.91. 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 has a 52-week low of $32.25 and a 52-week high of $49.07. The firm has a market cap of $28.53 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.39 and a beta of 0.91.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to repurchase 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 Dividend Announcement

The firm 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. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Truist Financial dropped their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a 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 issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

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.