Fifth Third Bancorp $FITB Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 114.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 36,004 shares of the financial services provider’s stock after buying an additional 19,197 shares during the period. Quantbot Technologies LP’s holdings in Fifth Third Bancorp were worth $1,411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Fuller & Thaler Asset Management Inc. increased its position in shares of Fifth Third Bancorp by 86.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 25,975 shares of the financial services provider’s stock worth $1,098,000 after acquiring an additional 12,025 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Fifth Third Bancorp by 24.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 561,497 shares of the financial services provider’s stock worth $23,740,000 after acquiring an additional 108,500 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of Fifth Third Bancorp by 17.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 95,963 shares of the financial services provider’s stock worth $4,057,000 after acquiring an additional 14,495 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Fifth Third Bancorp by 8.8% in the fourth quarter. Integrated Wealth Concepts LLC now owns 20,961 shares of the financial services provider’s stock worth $886,000 after acquiring an additional 1,697 shares in the last quarter. Finally, Virtus ETF Advisers LLC increased its position in shares of Fifth Third Bancorp by 24.7% in the fourth quarter. Virtus ETF Advisers LLC now owns 26,121 shares of the financial services provider’s stock worth $1,104,000 after acquiring an additional 5,175 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

FITB stock opened at $44.79 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $29.65 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 1.39 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The firm has a 50 day moving average of $42.06 and a two-hundred day moving average of $39.91.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s payout ratio is currently 45.96%.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a “buy” rating and a $52.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 10th. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.80.

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.