Smead Capital Management Inc. Has $77.76 Million Stake in Fifth Third Bancorp $FITB

Smead Capital Management Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,983,539 shares of the financial services provider’s stock after selling 187,830 shares during the quarter. Fifth Third Bancorp comprises approximately 1.3% of Smead Capital Management Inc.’s investment portfolio, making the stock its 26th largest position. Smead Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $77,755,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Commerce Bank boosted its stake in Fifth Third Bancorp by 0.7% during the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after acquiring an additional 282 shares during the last quarter. Orca Wealth Management LLC raised its holdings in Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after purchasing an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 300 shares in the last quarter. Gotham Asset Management LLC boosted its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 316 shares in the last quarter. Finally, Independent Advisor Alliance grew its holdings in shares of Fifth Third Bancorp by 2.1% in the 1st quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider’s stock valued at $598,000 after buying an additional 319 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.2%

Shares of Fifth Third Bancorp stock opened at $45.60 on Friday. The business’s 50 day simple moving average is $42.59 and its 200 day simple moving average is $39.95. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The firm has a market cap of $30.18 billion, a PE ratio of 14.16, a P/E/G ratio of 1.47 and a beta of 0.91. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has approved a share buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently commented on FITB shares. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Cowen assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a “buy” rating and a $47.00 price objective on the stock. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a “buy” rating and a $52.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.80.

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.