Natixis Advisors LLC Sells 75,566 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Natixis Advisors LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 740,550 shares of the financial services provider’s stock after selling 75,566 shares during the quarter. Natixis Advisors LLC owned approximately 0.11% of Fifth Third Bancorp worth $29,030,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Massachusetts Financial Services Co. MA purchased a new position in Fifth Third Bancorp during the first quarter valued at $113,900,000. GAMMA Investing LLC boosted its holdings in shares of Fifth Third Bancorp by 4,271.4% during the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. Alecta Tjanstepension Omsesidigt purchased a new position in shares of Fifth Third Bancorp during the first quarter valued at about $40,989,000. First Trust Advisors LP increased its holdings in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after purchasing an additional 1,027,044 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $38,971,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $40.91 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a market capitalization of $27.31 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.35 and a beta of 0.91. The firm’s 50-day moving average is $40.92 and its 200 day moving average is $40.10.

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

Fifth Third Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have weighed in on FITB shares. Truist Financial cut their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Barclays cut their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.80.

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.