Trexquant Investment LP Has $1.31 Million Stake in Fifth Third Bancorp $FITB

Key Points

• Trexquant Investment LP significantly reduced its holdings in Fifth Third Bancorp by 86.3% in the first quarter, now owning only 33,518 shares valued at approximately $1.3 million.
• Institutional investors, including Nuveen LLC and Massachusetts Financial Services, recently increased their stakes in Fifth Third Bancorp, indicating a positive sentiment among major investors.
• Analysts remain optimistic about Fifth Third Bancorp, with an average rating of "Moderate Buy" and a target price of $47.80, boosted by multiple "buy" ratings from firms like TD Cowen and Jefferies Financial Group.

Trexquant Investment LP cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 86.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,518 shares of the financial services provider's stock after selling 210,502 shares during the period. Trexquant Investment LP's holdings in Fifth Third Bancorp were worth $1,314,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of FITB. Nuveen LLC acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. boosted its position in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC boosted its position in Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $40,989,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded down $0.07 during mid-day trading on Tuesday, reaching $45.42. 4,697,497 shares of the company were exchanged, compared to its average volume of 4,875,968. The company has a fifty day simple moving average of $43.30 and a 200-day simple moving average of $39.98. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. 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 firm has a market cap of $30.06 billion, a PE ratio of 14.11, a PEG ratio of 1.48 and a beta of 0.93.

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

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective on the stock. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. DA Davidson upgraded 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 research note on Monday, June 9th. Finally, Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Two research 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.