Fifth Third Bancorp $FITB Stake Trimmed by Trivium Point Advisory LLC

Trivium Point Advisory LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,009 shares of the financial services provider’s stock after selling 1,545 shares during the quarter. Trivium Point Advisory LLC’s holdings in Fifth Third Bancorp were worth $1,317,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Park Place Capital Corp increased its stake in Fifth Third Bancorp by 1,143.4% in the 2nd quarter. Park Place Capital Corp now owns 26,112 shares of the financial services provider’s stock worth $1,108,000 after purchasing an additional 24,012 shares in the last quarter. HB Wealth Management LLC increased its stake in Fifth Third Bancorp by 2.3% in the 2nd quarter. HB Wealth Management LLC now owns 74,215 shares of the financial services provider’s stock worth $3,052,000 after purchasing an additional 1,655 shares in the last quarter. Venture Visionary Partners LLC boosted its position in Fifth Third Bancorp by 4.1% during the 2nd quarter. Venture Visionary Partners LLC now owns 96,207 shares of the financial services provider’s stock worth $3,957,000 after acquiring an additional 3,762 shares during the period. V Square Quantitative Management LLC boosted its position in Fifth Third Bancorp by 16.9% during the 2nd quarter. V Square Quantitative Management LLC now owns 8,786 shares of the financial services provider’s stock worth $361,000 after acquiring an additional 1,269 shares during the period. Finally, San Luis Wealth Advisors LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth about $735,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 1.9%

Shares of Fifth Third Bancorp stock opened at $44.55 on Wednesday. The firm has a market cap of $29.49 billion, a price-to-earnings ratio of 13.84, a P/E/G ratio of 1.45 and a beta of 0.93. 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 52-week low of $32.25 and a 52-week high of $49.07. The stock has a 50-day simple moving average of $44.01 and a 200-day simple moving average of $40.50.

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

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is presently 45.96%.

Analysts Set New Price Targets

A number of brokerages have commented on FITB. Evercore ISI raised 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. Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a research report on Monday. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Citigroup raised their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Finally, DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

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.