Boston Common Asset Management LLC Has $12.48 Million Stock Position in Fifth Third Bancorp $FITB

Boston Common Asset Management LLC grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 303,355 shares of the financial services provider’s stock after acquiring an additional 7,398 shares during the quarter. Boston Common Asset Management LLC’s holdings in Fifth Third Bancorp were worth $12,477,000 at the end of the most recent reporting period.

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

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $44.41 on Friday. The firm has a fifty day moving average of $44.10 and a two-hundred day moving average of $40.61. The stock has a market capitalization of $29.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. 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 announced that its board has approved a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 49.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FITB shares. Piper Sandler raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. Citigroup boosted their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Evercore ISI boosted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Robert W. Baird boosted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus 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.