Valeo Financial Advisors LLC Boosts Holdings in Fifth Third Bancorp $FITB

Valeo Financial Advisors LLC lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,525 shares of the financial services provider’s stock after buying an additional 1,193 shares during the period. Valeo Financial Advisors LLC’s holdings in Fifth Third Bancorp were worth $1,585,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Moody National Bank Trust Division grew its position in shares of Fifth Third Bancorp by 1.5% in the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after buying an additional 271 shares during the last quarter. Commerce Bank grew its position in shares of Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after buying an additional 282 shares during the last quarter. Orca Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 0.8% in the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock valued at $1,384,000 after buying an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC grew its position in shares of Fifth Third Bancorp by 3.0% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after buying an additional 300 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its position in shares of Fifth Third Bancorp by 0.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 300 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Down 0.3%

FITB stock opened at $43.68 on Wednesday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market capitalization of $28.91 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.40 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. The company has a fifty day moving average of $44.15 and a 200-day moving average of $40.67.

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 3.7%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 49.69%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FITB. Wolfe Research increased their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. The Goldman Sachs Group increased their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Evercore ISI increased 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, September 30th. Truist Financial increased their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.06.

Fifth Third Bancorp 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.