Raleigh Capital Management Inc. Cuts Stock Holdings in Fifth Third Bancorp $FITB

Raleigh Capital Management Inc. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 8,446 shares of the financial services provider’s stock after selling 417 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $347,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Fifth Third Bancorp during the first quarter worth about $334,805,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $113,900,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after acquiring an additional 1,321,554 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock valued at $47,172,000 after acquiring an additional 1,175,834 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new stake in Fifth Third Bancorp during the first quarter worth $40,989,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.9%

Shares of FITB stock opened at $44.55 on Wednesday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company’s fifty day simple moving average is $44.01 and its two-hundred day simple moving average is $40.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $29.49 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.45 and a beta of 0.93.

Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed 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. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 45.96%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FITB shares. Piper Sandler upped their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Citigroup increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. DA Davidson upgraded shares of 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 report on Monday, June 9th. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a research note on Monday. Finally, Evercore ISI raised their price target on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research note on Tuesday. Two 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.00.

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.