TIAA Trust National Association Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

by · The Markets Daily

TIAA Trust National Association grew its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 18.6% during the 1st quarter, Holdings Channel reports. The fund owned 9,460 shares of the financial services provider’s stock after buying an additional 1,486 shares during the period. TIAA Trust National Association’s holdings in Fifth Third Bancorp were worth $371,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $27,000. Quarry LP bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $29,000. Larson Financial Group LLC increased its stake in shares of 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 in the last quarter. REAP Financial Group LLC raised its position in shares of Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust raised its position in shares of Fifth Third Bancorp by 60.7% during the 1st 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 during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 0.2%

Shares of FITB opened at $41.34 on Wednesday. The stock has a market capitalization of $27.59 billion, a PE ratio of 12.84, a P/E/G ratio of 1.34 and a beta of 0.91. The company’s fifty day moving average is $41.07 and its 200 day moving average is $40.04. 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 has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

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

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.6%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.96%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a “buy” rating for the company. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 10th. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Truist Financial dropped their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.80.

View Our Latest Analysis on Fifth Third Bancorp

Fifth Third Bancorp Company Profile

(Free Report)

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.

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