Vanguard Group Inc. Sells 128,203 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Vanguard Group Inc. reduced its stake in Fifth Third Bancorp by 0.2% in Q1, now holding $3.24 billion worth of shares.
• Fifth Third Bancorp announced a $0.37 quarterly dividend, representing an annual yield of 3.6%, alongside a share repurchase plan to buy back 100 million shares.
• Analysts have mixed opinions on FITB, with an average rating of "Moderate Buy" and a consensus price target of $47.80.

Vanguard Group Inc. trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,548,200 shares of the financial services provider's stock after selling 128,203 shares during the quarter. Vanguard Group Inc. owned approximately 12.36% of Fifth Third Bancorp worth $3,235,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in FITB. First Trust Advisors LP grew its stake in Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after acquiring an additional 1,027,044 shares during the period. Northern Trust Corp grew its stake in Fifth Third Bancorp by 12.7% in the fourth quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock valued at $299,111,000 after acquiring an additional 798,663 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Fifth Third Bancorp by 15.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,229,103 shares of the financial services provider's stock valued at $178,806,000 after acquiring an additional 564,860 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Fifth Third Bancorp in the first quarter valued at approximately $113,900,000. Finally, Hsbc Holdings PLC grew its stake in Fifth Third Bancorp by 14.0% in the fourth quarter. Hsbc Holdings PLC now owns 2,276,130 shares of the financial services provider's stock valued at $96,290,000 after acquiring an additional 279,596 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock traded down $0.37 during mid-day trading on Monday, hitting $41.27. 3,735,918 shares of the stock were exchanged, compared to its average volume of 5,035,620. 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 business has a fifty day moving average price of $41.27 and a 200 day moving average price of $39.95. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a market capitalization of $27.32 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.35 and a beta of 0.91.

Fifth Third Bancorp announced that its board has authorized a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

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

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.