Fifth Third Bancorp $FITB Shares Bought by Hill Island Financial LLC

Hill Island Financial LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,925 shares of the financial services provider’s stock after buying an additional 580 shares during the period. Hill Island Financial LLC’s holdings in Fifth Third Bancorp were worth $861,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Allianz Asset Management GmbH lifted its stake in shares of Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock worth $11,450,000 after purchasing an additional 16,000 shares during the period. Principal Financial Group Inc. increased its stake in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock valued at $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new position in Fifth Third Bancorp during the first quarter worth about $1,011,000. U.S. Capital Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 49.5% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 15,692 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Fifth Third Bancorp by 1,448.6% in the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 91,754 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.41 on Friday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market cap of $29.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. The stock has a 50 day moving average of $44.10 and a 200-day moving average of $40.61.

Fifth Third Bancorp declared that its board has initiated a share buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. 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 payout ratio is presently 49.69%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wolfe Research increased their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Evercore ISI boosted their price objective on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Truist Financial increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Piper Sandler lifted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.47.

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.