Hunter Perkins Capital Management LLC Grows Stock Position in Fifth Third Bancorp $FITB

Hunter Perkins Capital Management LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,085 shares of the financial services provider’s stock after acquiring an additional 5,253 shares during the quarter. Hunter Perkins Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Valeo Financial Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 3.2% during the second quarter. Valeo Financial Advisors LLC now owns 38,525 shares of the financial services provider’s stock valued at $1,585,000 after purchasing an additional 1,193 shares during the period. Orca Wealth Management LLC boosted its position in Fifth Third Bancorp by 1.1% during the 2nd quarter. Orca Wealth Management LLC now owns 35,673 shares of the financial services provider’s stock valued at $1,467,000 after buying an additional 377 shares during the period. Hill Island Financial LLC boosted its position in Fifth Third Bancorp by 2.9% during the 2nd quarter. Hill Island Financial LLC now owns 20,925 shares of the financial services provider’s stock valued at $861,000 after buying an additional 580 shares during the period. Boston Common Asset Management LLC grew its holdings in Fifth Third Bancorp by 2.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 303,355 shares of the financial services provider’s stock worth $12,477,000 after acquiring an additional 7,398 shares during the last quarter. Finally, Ascent Group LLC increased its position in shares of Fifth Third Bancorp by 0.7% in the second quarter. Ascent Group LLC now owns 64,106 shares of the financial services provider’s stock valued at $2,637,000 after acquiring an additional 453 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FITB shares. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird increased their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday. Evercore ISI lifted their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Stock Up 0.4%

Fifth Third Bancorp stock opened at $44.41 on Monday. The firm has a market cap of $29.39 billion, a price-to-earnings 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. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a fifty day simple moving average of $44.10 and a two-hundred day simple moving average of $40.61.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a 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 (DPR) is currently 49.69%.

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

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.