Checchi Capital Advisers LLC Has $380,000 Stock Holdings in Fifth Third Bancorp $FITB

Checchi Capital Advisers LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 5.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 9,238 shares of the financial services provider’s stock after selling 545 shares during the period. Checchi Capital Advisers LLC’s holdings in Fifth Third Bancorp were worth $380,000 as of its most recent filing with the SEC.

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

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $43.79 on Tuesday. 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 company has a market cap of $28.98 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The company has a 50 day moving average of $44.13 and a 200-day moving average of $40.64. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp declared that its board has initiated a share buyback plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership 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 issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.69%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FITB shares. Evercore ISI raised their price target on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Truist Financial raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and boosted their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.47.

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.