Fifth Third Bancorp $FITB Shares Sold by LVW Advisors LLC

LVW Advisors LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 26.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,081 shares of the financial services provider’s stock after selling 2,842 shares during the quarter. LVW Advisors LLC’s holdings in Fifth Third Bancorp were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Invesco Ltd. grew its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after buying an additional 862,374 shares during the last quarter. Nuveen LLC bought a new position in Fifth Third Bancorp in the 1st quarter worth about $334,805,000. Royal Bank of Canada grew its position in Fifth Third Bancorp by 4.5% in the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock worth $255,196,000 after purchasing an additional 279,669 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Fifth Third Bancorp by 12.1% in the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider’s stock worth $197,117,000 after purchasing an additional 542,934 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $45.43 on Friday. The company’s fifty day moving average is $43.92 and its 200-day moving average is $40.40. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The firm has a market cap of $30.07 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. 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 initiated a share 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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 paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

Analyst Upgrades and Downgrades

FITB has been the subject of several recent analyst reports. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Truist Financial upped their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Citigroup upped their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Finally, Piper Sandler increased their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $48.60.

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.