Fifth Third Bancorp $FITB Shares Sold by Chicago Capital LLC

Chicago Capital LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 40,657 shares of the financial services provider’s stock after selling 341 shares during the period. Chicago Capital LLC’s holdings in Fifth Third Bancorp were worth $1,672,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FITB. HWG Holdings LP acquired a new stake in Fifth Third Bancorp in the first quarter valued at $27,000. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $27,000. Larson Financial Group LLC lifted its stake in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 357 shares during the last quarter. Grove Bank & Trust boosted its holdings in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 335 shares in the last quarter. Finally, Citizens National Bank Trust Department purchased a new position in Fifth Third Bancorp in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FITB. Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a research report on Monday. Citigroup boosted their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday. Finally, Wells Fargo & Company upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $44.55 on Wednesday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market capitalization of $29.49 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.45 and a beta of 0.93. The company has a 50-day simple moving average of $44.01 and a 200-day simple moving average of $40.50. 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 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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 45.96%.

Fifth Third Bancorp declared that its board has initiated a share buyback plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management 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.