Fifth Third Bancorp $FITB Shares Sold by Chicago Capital LLC

Chicago Capital LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,657 shares of the financial services provider’s stock after selling 341 shares during the quarter. Chicago Capital LLC’s holdings in Fifth Third Bancorp were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Allianz Asset Management GmbH grew its stake in shares of Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after buying an additional 16,000 shares during the period. Principal Financial Group Inc. lifted its holdings in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock valued at $32,088,000 after acquiring an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new position in Fifth Third Bancorp in the first quarter worth approximately $1,011,000. U.S. Capital Wealth Advisors LLC increased its stake in Fifth Third Bancorp by 49.5% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 15,692 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its stake in Fifth Third Bancorp by 1,448.6% during the first quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after acquiring an additional 91,754 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.9%

NASDAQ FITB opened at $44.55 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $29.49 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.45 and a beta of 0.93. The firm has a 50 day simple moving average of $44.01 and a 200-day simple moving average of $40.50. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

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

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of research analyst reports. Citigroup increased their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a research report on Monday. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Piper Sandler boosted their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Finally, Truist Financial increased their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $49.00.

Fifth Third Bancorp Company 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.