Woodward Diversified Capital LLC Has $574,000 Holdings in Fifth Third Bancorp $FITB

Key Points

• Woodward Diversified Capital LLC increased its holdings in Fifth Third Bancorp by 84% during the second quarter, now owning 13,949 shares valued at $574,000.
• Fifth Third Bancorp recently raised its quarterly dividend from $0.37 to $0.40, reflecting a 3.6% yield and a payout ratio of 49.69%.
• The company has a consensus rating of "Moderate Buy" from analysts, with a price target ranging between $49.00 and $56.00 from various firms.

Woodward Diversified Capital LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 84.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,949 shares of the financial services provider's stock after purchasing an additional 6,367 shares during the quarter. Woodward Diversified Capital LLC's holdings in Fifth Third Bancorp were worth $574,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FITB. Bartlett & CO. Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 3.2% during the second quarter. Bartlett & CO. Wealth Management LLC now owns 46,976 shares of the financial services provider's stock valued at $1,950,000 after buying an additional 1,436 shares during the last quarter. Midwest Financial Group LLC raised its position in shares of Fifth Third Bancorp by 5.2% during the second quarter. Midwest Financial Group LLC now owns 16,100 shares of the financial services provider's stock valued at $662,000 after buying an additional 800 shares during the last quarter. LBP AM SA acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $9,168,000. Park Place Capital Corp raised its holdings in Fifth Third Bancorp by 1,143.4% in the 2nd quarter. Park Place Capital Corp now owns 26,112 shares of the financial services provider's stock valued at $1,108,000 after acquiring an additional 24,012 shares in the last quarter. Finally, HB Wealth Management LLC raised its holdings in Fifth Third Bancorp by 2.3% in the 2nd quarter. HB Wealth Management LLC now owns 74,215 shares of the financial services provider's stock valued at $3,052,000 after acquiring an additional 1,655 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on FITB. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Piper Sandler upped their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, September 10th. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research note on Monday. Finally, Citigroup increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $49.00.

Fifth Third Bancorp Stock Down 0.4%

NASDAQ:FITB opened at $44.35 on Thursday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. 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 stock has a market cap of $29.35 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 1.43 and a beta of 0.95. The stock has a 50-day moving average price of $44.04 and a two-hundred day moving average price of $40.52.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's payout ratio is presently 49.69%.

Fifth Third Bancorp declared that its board has authorized a stock buyback 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. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

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.

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