ASR Vermogensbeheer N.V. Purchases 335 Shares of Fifth Third Bancorp $FITB

ASR Vermogensbeheer N.V. increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,858 shares of the financial services provider’s stock after purchasing an additional 335 shares during the period. ASR Vermogensbeheer N.V.’s holdings in Fifth Third Bancorp were worth $2,914,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Larson Financial Group LLC increased its position in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after buying an additional 357 shares in the last quarter. Grove Bank & Trust increased its position in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after buying an additional 335 shares in the last quarter. Finally, Citizens National Bank Trust Department bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $39,000. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FITB. Citigroup increased their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Truist Financial raised their target price 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. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Finally, The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.47.

Fifth Third Bancorp Price Performance

FITB stock opened at $44.41 on Friday. The firm has a market cap of $29.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.41 and a beta of 0.95. 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 has a 12-month low of $32.25 and a 12-month high of $49.07. The company’s fifty day simple moving average is $44.10 and its 200 day simple moving average is $40.60.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.6%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.69%.

Fifth Third Bancorp declared that its board has initiated a stock 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 buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication 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.