REAP Financial Group LLC Buys 956 Shares of Fifth Third Bancorp $FITB

REAP Financial Group LLC raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 73.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,252 shares of the financial services provider’s stock after acquiring an additional 956 shares during the quarter. REAP Financial Group LLC’s holdings in Fifth Third Bancorp were worth $93,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp during 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 grew its position in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 357 shares during the period. BankPlus Trust Department grew its position in shares of Fifth Third Bancorp by 53.0% during the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 290 shares during the period. Finally, Grove Bank & Trust grew its position in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 335 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday. Wolfe Research boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. UBS Group upped their target price on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday. DA Davidson upped their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stephens upped their target price on shares of Fifth Third Bancorp from $47.00 to $49.00 in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.16.

Fifth Third Bancorp Stock Down 0.3%

FITB opened at $43.54 on Thursday. The firm has a 50-day simple moving average of $44.17 and a two-hundred day simple moving average of $40.69. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a market capitalization of $28.82 billion, a PE ratio of 13.52, a price-to-earnings-growth 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 declared that its board has approved a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. Fifth Third Bancorp’s payout ratio is currently 49.69%.

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.