Johnson Investment Counsel Inc. Has $5.63 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Johnson Investment Counsel Inc. cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.7% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 143,693 shares of the financial services provider’s stock after selling 2,447 shares during the period. Johnson Investment Counsel Inc.’s holdings in Fifth Third Bancorp were worth $5,633,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FITB. Boston Partners raised its stake in Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after buying an additional 823,803 shares during the period. Deutsche Bank AG increased its holdings in shares of Fifth Third Bancorp by 27.3% during the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider’s stock worth $86,535,000 after acquiring an additional 438,446 shares during the last quarter. AMJ Financial Wealth Management raised its stake in Fifth Third Bancorp by 4.2% in the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after acquiring an additional 9,401 shares during the period. Banco Santander S.A. acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $357,000. Finally, Fred Alger Management LLC boosted its position in Fifth Third Bancorp by 29.5% during the fourth quarter. Fred Alger Management LLC now owns 65,867 shares of the financial services provider’s stock worth $2,809,000 after purchasing an additional 15,023 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FITB has been the topic of several research analyst reports. Cowen began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Morgan Stanley lowered their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Truist Financial reduced their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Wells Fargo & Company boosted their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $47.53.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $38.78 on Friday. The company has a market cap of $25.89 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.34 and a beta of 0.90. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a fifty day moving average price of $37.34 and a 200-day moving average price of $40.42.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits 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 board of directors believes its stock is undervalued.

Fifth Third Bancorp Company 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.