Ascent Group LLC Has $2.64 Million Position in Fifth Third Bancorp $FITB

Ascent Group LLC lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,106 shares of the financial services provider’s stock after acquiring an additional 453 shares during the quarter. Ascent Group LLC’s holdings in Fifth Third Bancorp were worth $2,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $27,000. Banque Transatlantique SA acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $27,000. Larson Financial Group LLC increased its stake in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 357 shares during the last quarter. Grove Bank & Trust increased its stake in shares of Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $44.41 on Friday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm has a 50 day moving average of $44.10 and a 200-day moving average of $40.61. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $29.39 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp Increases Dividend

The business also recently declared 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. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.69%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of research reports. Piper Sandler upped their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 10th. Citigroup increased their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Evercore ISI increased their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Finally, Wolfe Research increased their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.47.

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.