Moors & Cabot Inc. Sells 1,594 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Moors & Cabot Inc. trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,937 shares of the financial services provider’s stock after selling 1,594 shares during the period. Moors & Cabot Inc.’s holdings in Fifth Third Bancorp were worth $1,448,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at about $113,900,000. GAMMA Investing LLC raised its position in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock valued at $47,172,000 after buying an additional 1,175,834 shares during the last quarter. Alecta Tjanstepension Omsesidigt acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at about $40,989,000. First Trust Advisors LP raised its position in shares of Fifth Third Bancorp by 12.1% during 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 buying an additional 1,027,044 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $38,971,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $40.91 on Friday. 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 firm has a market cap of $27.31 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.33 and a beta of 0.91. The firm has a 50 day simple moving average of $40.92 and a 200 day simple moving average of $40.08. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Dividend Announcement

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

Fifth Third Bancorp announced that its Board of Directors 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 typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Baird R W raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Keefe, Bruyette & Woods dropped their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Truist Financial dropped their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a “buy” rating and a $52.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.80.

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.