Waycross Partners LLC Invests $352,000 in Fifth Third Bancorp $FITB

Key Points

• Waycross Partners LLC has invested approximately $352,000 in Fifth Third Bancorp by purchasing 8,556 shares during the second quarter.
• Fifth Third Bancorp recently initiated a stock repurchase plan allowing the company to buy back up to 100 million shares, indicating management's belief that the stock is undervalued.
• The company declared a quarterly dividend increase to $0.40 per share, up from $0.37, representing a 3.5% yield based on an annualized rate of $1.60.

Waycross Partners LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,556 shares of the financial services provider's stock, valued at approximately $352,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares during the period. Invesco Ltd. boosted its position in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock worth $695,265,000 after buying an additional 862,374 shares during the period. Nuveen LLC acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $334,805,000. Royal Bank of Canada boosted its position in Fifth Third Bancorp by 4.5% during the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider's stock valued at $255,196,000 after purchasing an additional 279,669 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Fifth Third Bancorp by 12.1% during the first quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider's stock valued at $197,117,000 after purchasing an additional 542,934 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 0.4%

Fifth Third Bancorp stock opened at $45.14 on Wednesday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $29.88 billion, a PE ratio of 14.02, a PEG ratio of 1.44 and a beta of 0.93. The business's 50-day simple moving average is $43.78 and its 200-day simple moving average is $40.26.

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

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday. Piper Sandler lifted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $48.60.

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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