Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Todd Asset Management LLC

Key Points

• Todd Asset Management LLC has reduced its stake in Fifth Third Bancorp by 33.5%, now owning approximately 1,090,500 shares worth about $42.7 million.
• The company recently declared a quarterly dividend of $0.37 per share, representing an annualized dividend of $1.48 and a yield of 3.6%.
• Analysts have mixed opinions on Fifth Third Bancorp, with ratings varying from sell to strong-buy, and the consensus rating is a "Moderate Buy" with an average target price of $47.80.

Todd Asset Management LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 33.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,090,500 shares of the financial services provider's stock after selling 548,530 shares during the period. Todd Asset Management LLC owned approximately 0.16% of Fifth Third Bancorp worth $42,748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Commerce Bank raised its position in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock valued at $1,581,000 after buying an additional 282 shares during the last quarter. Orca Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock valued at $1,384,000 after buying an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 3.0% in the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock valued at $410,000 after buying an additional 300 shares during the last quarter. Gotham Asset Management LLC raised its position in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after buying an additional 316 shares during the last quarter. Finally, Independent Advisor Alliance raised its position in shares of Fifth Third Bancorp by 2.1% in the first quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider's stock valued at $598,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented 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 for the company. Keefe, Bruyette & Woods dropped their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Barclays dropped their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Finally, Truist Financial dropped their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Trading Up 1.8%

FITB stock traded up $0.74 during mid-day trading on Wednesday, hitting $42.98. 3,142,268 shares of the company were exchanged, compared to its average volume of 5,477,100. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $28.45 billion, a P/E ratio of 13.35, a PEG ratio of 1.37 and a beta of 0.91. The business has a fifty day simple moving average of $41.49 and a 200-day simple moving average of $39.97. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

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.