Family Legacy Inc. Purchases 2,071 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Family Legacy Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 14.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,915 shares of the financial services provider’s stock after buying an additional 2,071 shares during the period. Family Legacy Inc.’s holdings in Fifth Third Bancorp were worth $663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. increased its position in Fifth Third Bancorp by 4.0% in the 1st quarter. Asset Management One Co. Ltd. now owns 276,137 shares of the financial services provider’s stock valued at $10,825,000 after buying an additional 10,515 shares in the last quarter. Valmark Advisers Inc. increased its holdings in Fifth Third Bancorp by 2.6% during the 1st quarter. Valmark Advisers Inc. now owns 17,029 shares of the financial services provider’s stock worth $668,000 after purchasing an additional 432 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in Fifth Third Bancorp by 2.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 75,261 shares of the financial services provider’s stock worth $2,950,000 after purchasing an additional 1,629 shares in the last quarter. HWG Holdings LP bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Fifth Third Bancorp by 3.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 88,770 shares of the financial services provider’s stock worth $3,480,000 after purchasing an additional 2,925 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FITB shares. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a “buy” rating and a $47.00 price objective for the company. Citigroup decreased their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, March 24th. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a “buy” rating and a $52.00 target price for the company. Morgan Stanley reduced their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Finally, Barclays reduced their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.53.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $40.15 on Tuesday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The business’s 50 day simple moving average is $37.56 and its 200 day simple moving average is $40.22. The company has a market cap of $26.80 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.36 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the business earned $0.70 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.69%. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is 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.