OLD National Bancorp IN Sells 3,380 Shares of Fifth Third Bancorp $FITB

OLD National Bancorp IN cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,764 shares of the financial services provider’s stock after selling 3,380 shares during the quarter. OLD National Bancorp IN’s holdings in Fifth Third Bancorp were worth $936,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Nuveen LLC bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $113,900,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp by 6.1% in the 1st 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 purchasing an additional 1,321,554 shares during the last quarter. Alecta Tjanstepension Omsesidigt bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $40,989,000. Finally, Invesco Ltd. increased its position in shares of Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after buying an additional 862,374 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FITB. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and boosted their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Piper Sandler boosted 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. The Goldman Sachs Group raised their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Saturday, September 27th. Finally, Morgan Stanley increased their price target on Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Stock Down 1.4%

FITB stock opened at $43.79 on Tuesday. The stock’s 50 day simple moving average is $44.13 and its 200 day simple moving average is $40.64. The company has a market cap of $28.98 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 3.7%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.69%.

Fifth Third Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management 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.