Goelzer Investment Management Inc. Cuts Position in Fifth Third Bancorp $FITB

Goelzer Investment Management Inc. lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,012 shares of the financial services provider’s stock after selling 1,442 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $4,278,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FITB. Nomura Holdings Inc. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $934,000. Man Group plc grew its holdings in Fifth Third Bancorp by 36.5% during the 4th quarter. Man Group plc now owns 72,395 shares of the financial services provider’s stock valued at $3,061,000 after buying an additional 19,371 shares in the last quarter. Snowden Capital Advisors LLC purchased a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $377,000. Tidal Investments LLC grew its holdings in Fifth Third Bancorp by 11.6% during the 4th quarter. Tidal Investments LLC now owns 27,854 shares of the financial services provider’s stock valued at $1,178,000 after buying an additional 2,902 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $612,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 0.8%

Shares of NASDAQ:FITB opened at $45.00 on Wednesday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The business’s fifty day simple moving average is $43.56 and its 200-day simple moving average is $40.10. The company has a market capitalization of $29.79 billion, a PE ratio of 13.98, a P/E/G ratio of 1.45 and a beta of 0.93. 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 declared that its Board of Directors has authorized a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business 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 $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 a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Finally, Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.33.

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.