Aberdeen Group plc Buys 25,186 Shares of Fifth Third Bancorp $FITB

Aberdeen Group plc raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 558,496 shares of the financial services provider’s stock after acquiring an additional 25,186 shares during the period. Aberdeen Group plc’s holdings in Fifth Third Bancorp were worth $23,125,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Moody National Bank Trust Division increased its stake in shares of Fifth Third Bancorp by 1.5% during the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after buying an additional 271 shares during the period. Commerce Bank increased its stake in shares of Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after buying an additional 282 shares during the period. BankPlus Trust Department grew its stake in Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 290 shares during the period. Orca Wealth Management LLC grew its stake in Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after purchasing an additional 294 shares during the period. Finally, Meadow Creek Wealth Advisors LLC grew its stake in Fifth Third Bancorp by 3.0% in the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 300 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $42.20 on Tuesday. The stock has a market capitalization of $27.93 billion, a PE ratio of 13.11, a P/E/G ratio of 1.12 and a beta of 0.95. The business has a 50 day simple moving average of $44.24 and a two-hundred day simple moving average of $40.75. 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 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is 49.69%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently weighed in on FITB. The Goldman Sachs Group upped their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Finally, Truist Financial boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.20.

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.