Trillium Asset Management LLC Trims Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Trillium Asset Management LLC reduced its stake in Fifth Third Bancorp by 2.0%, selling 8,722 shares, which leaves them with 437,205 shares valued at around $17.14 million.
• Fifth Third Bancorp announced a stock buyback program allowing the repurchase of up to 100 million shares, indicating management's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, with a 3.6% dividend yield and a payout ratio of 45.96%.

Trillium Asset Management LLC lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 437,205 shares of the financial services provider's stock after selling 8,722 shares during the quarter. Trillium Asset Management LLC owned 0.07% of Fifth Third Bancorp worth $17,138,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Quarry LP bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Larson Financial Group LLC lifted its stake in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the last quarter. REAP Financial Group LLC lifted its stake in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 487 shares during the last quarter. Finally, Grove Bank & Trust lifted its stake in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for 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 target for the company. Truist Financial dropped their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods lowered their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Finally, Wells Fargo & Company raised their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded up $0.20 during mid-day trading on Thursday, reaching $43.18. The company had a trading volume of 2,903,857 shares, compared to its average volume of 4,999,708. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market cap of $28.58 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 1.37 and a beta of 0.91. The company's 50-day moving average price is $41.49 and its 200-day moving average price is $39.97. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp declared that its board has authorized a share 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 purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

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

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.