Groupama Asset Managment Raises Position in Fifth Third Bancorp $FITB

Groupama Asset Managment raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,503 shares of the financial services provider’s stock after purchasing an additional 5,377 shares during the period. Groupama Asset Managment’s holdings in Fifth Third Bancorp were worth $1,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth approximately $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth approximately $29,000. Larson Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after buying an additional 357 shares during the period. REAP Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after buying an additional 487 shares during the period. Finally, Grove Bank & Trust raised its holdings in shares of Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after buying an additional 335 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.1%

FITB opened at $42.80 on Wednesday. The stock’s fifty day moving average is $41.77 and its two-hundred day moving average is $39.89. The company has a market capitalization of $28.33 billion, a P/E ratio of 13.29, a PEG ratio of 1.39 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FITB shares. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a “buy” rating and a $52.00 price target on the stock. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Truist Financial reduced their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $47.80.

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.