Hunter Perkins Capital Management LLC Acquires 5,253 Shares of Fifth Third Bancorp $FITB

Hunter Perkins Capital Management LLC grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 18.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,085 shares of the financial services provider’s stock after acquiring an additional 5,253 shares during the period. Hunter Perkins Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,373,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FITB. HWG Holdings LP purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $27,000. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp during the 1st quarter valued at approximately $27,000. Larson Financial Group LLC increased its position in Fifth Third Bancorp by 91.3% in 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 raised its stake in Fifth Third Bancorp by 60.7% during 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 shares of Fifth Third Bancorp in the 1st quarter worth $39,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of several recent research reports. Citigroup lifted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group raised their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley boosted their target price on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Truist Financial increased their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Stock Up 0.4%

Fifth Third Bancorp stock opened at $44.41 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market cap of $29.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.42 and a beta of 0.95. The business has a fifty day moving average of $44.10 and a two-hundred day moving average of $40.61. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Fifth Third Bancorp announced that its board has approved a share buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

About Fifth Third Bancorp

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.