Entropy Technologies LP Lowers Position in Fifth Third Bancorp (NASDAQ:FITB)

Entropy Technologies LP lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 52.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,224 shares of the financial services provider’s stock after selling 74,605 shares during the period. Entropy Technologies LP’s holdings in Fifth Third Bancorp were worth $2,635,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its holdings in Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock worth $11,450,000 after buying an additional 16,000 shares in the last quarter. Deutsche Bank AG raised its position in Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider’s stock worth $86,535,000 after acquiring an additional 438,446 shares during the last quarter. Principal Financial Group Inc. raised its position in Fifth Third Bancorp by 1.6% during the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after acquiring an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co acquired a new position in Fifth Third Bancorp during the first quarter worth about $1,011,000. Finally, U.S. Capital Wealth Advisors LLC raised its position in Fifth Third Bancorp by 49.5% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 15,692 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Barclays cut their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods cut their price objective 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 cut their price objective 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. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.80.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $41.64 on Monday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The firm has a fifty day moving average of $41.27 and a 200-day moving average of $39.95. The firm has a market capitalization of $27.56 billion, a P/E ratio of 12.93, a PEG ratio of 1.35 and a beta of 0.91. 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 disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp’s payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has approved 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 purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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.