Argyle Capital Management LLC Grows Position in Fifth Third Bancorp $FITB

Argyle Capital Management LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,300 shares of the financial services provider’s stock after purchasing an additional 1,700 shares during the period. Argyle Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in Fifth Third Bancorp by 6.1% during the first 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 in the last quarter. Invesco Ltd. lifted its position in 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 valued at $695,265,000 after purchasing an additional 862,374 shares in the last quarter. Nuveen LLC purchased a new position in Fifth Third Bancorp during the first quarter valued at $334,805,000. Royal Bank of Canada lifted its position in Fifth Third Bancorp by 4.5% during the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after purchasing an additional 279,669 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Fifth Third Bancorp by 12.1% during the first quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider’s stock valued at $197,117,000 after purchasing an additional 542,934 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.6%

Shares of NASDAQ FITB opened at $43.79 on Friday. The business’s 50 day moving average is $44.22 and its two-hundred day moving average is $40.71. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market capitalization of $28.98 billion, a P/E ratio of 13.60, a PEG ratio of 1.40 and a beta of 0.95.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback 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 purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.7%. Fifth Third Bancorp’s payout ratio is presently 49.69%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FITB shares. Wolfe Research increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Piper Sandler lowered their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday. Finally, DA Davidson raised their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.16.

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.