Fifth Third Bancorp $FITB Shares Purchased by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management Americas LLC increased its stake in Fifth Third Bancorp by 2.9%, now owning 4,352,987 shares valued at approximately $170.64 million.
• Fifth Third Bancorp's Board of Directors authorized a share repurchase plan allowing for the repurchase of 100 million shares, indicating confidence that their stock is undervalued.
• Recent analyst ratings for Fifth Third Bancorp have been mostly positive, with several firms raising their target prices, setting an average target at $47.80 and a majority rating the stock as a Moderate Buy.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,352,987 shares of the financial services provider's stock after acquiring an additional 123,884 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.65% of Fifth Third Bancorp worth $170,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its position in shares of Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after acquiring an additional 16,000 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Fifth Third Bancorp by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after acquiring an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $1,011,000. U.S. Capital Wealth Advisors LLC raised its holdings in Fifth Third Bancorp by 49.5% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after buying an additional 15,692 shares during the period. Finally, Teacher Retirement System of Texas raised its holdings in Fifth Third Bancorp by 1,448.6% in the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock valued at $3,845,000 after buying an additional 91,754 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.6%

Shares of Fifth Third Bancorp stock traded up $0.29 on Friday, reaching $45.56. 3,469,353 shares of the company were exchanged, compared to its average volume of 3,792,217. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a market cap of $30.16 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. 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 stock's 50 day moving average price is $43.49 and its 200-day moving average price is $40.07.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. 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%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their price objective 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 boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Jefferies Financial Group began 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 on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.33.

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.