US Bancorp DE Reduces Stock Position in Fifth Third Bancorp $FITB

Key Points

• US Bancorp DE has reduced its stake in Fifth Third Bancorp by 1.4%, now owning approximately 444,835 shares worth $18.3 million.
• Analysts have raised their price targets for Fifth Third Bancorp, with Citigroup increasing its target from $47 to $50 and Wolfe Research from $51 to $52.
• The company recently declared a quarterly dividend of $0.40 per share, an increase from the previous dividend of $0.37, reflecting a commitment to returning value to shareholders.

US Bancorp DE lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 444,835 shares of the financial services provider's stock after selling 6,384 shares during the quarter. US Bancorp DE owned approximately 0.07% of Fifth Third Bancorp worth $18,297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FITB. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Larson Financial Group LLC grew its holdings in 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 buying an additional 357 shares during the period. BankPlus Trust Department grew its holdings in Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider's stock valued at $34,000 after buying an additional 290 shares during the period. Finally, Grove Bank & Trust grew its holdings in 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 buying an additional 335 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on FITB shares. Argus lifted their price target on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday. Citigroup lifted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Wolfe Research lifted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an "overweight" rating in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.20.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $41.47 on Friday. The stock's 50 day moving average price is $44.23 and its 200 day moving average price is $40.72. The firm has a market capitalization of $27.45 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.41 and a beta of 0.95. 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 one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.9%. Fifth Third Bancorp's dividend payout ratio is presently 49.69%.

Fifth Third Bancorp declared that its board has approved a stock repurchase 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 purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Fifth Third Bancorp 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.

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