Fifth Third Bancorp $FITB Shares Purchased by Hill Island Financial LLC

Hill Island Financial LLC boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,925 shares of the financial services provider’s stock after buying an additional 580 shares during the period. Hill Island Financial LLC’s holdings in Fifth Third Bancorp were worth $861,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the 1st quarter worth $27,000. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% during the 1st 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 during the last quarter. Grove Bank & Trust increased its stake in Fifth Third Bancorp by 60.7% in the first 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. Finally, Citizens National Bank Trust Department acquired a new position in Fifth Third Bancorp in the first quarter valued at $39,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $44.41 on Friday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The stock has a market cap of $29.39 billion, a P/E ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average of $44.10 and a two-hundred day moving average of $40.61.

Fifth Third Bancorp declared that its board has authorized a share 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership 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 paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. 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%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wolfe Research increased their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Morgan Stanley boosted their target price on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.47.

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.