Townsquare Capital LLC Purchases 545 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Townsquare Capital LLC grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,243 shares of the financial services provider’s stock after buying an additional 545 shares during the period. Townsquare Capital LLC’s holdings in Fifth Third Bancorp were worth $754,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FITB. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $27,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after buying an additional 357 shares in the last quarter. REAP Financial Group LLC boosted its holdings in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after buying an additional 487 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FITB has been the subject of a number of recent analyst reports. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a “buy” rating and a $47.00 target price for the company. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Cowen initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research note on Monday, April 21st. 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 issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $42.48 on Friday. The firm has a market capitalization of $28.12 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91. The business’s fifty day moving average price is $41.65 and its 200 day moving average price is $39.94. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has approved a stock buyback plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.