HBK Sorce Advisory LLC Acquires 7,342 Shares of Fifth Third Bancorp (NASDAQ:FITB)

HBK Sorce Advisory LLC boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 23.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,226 shares of the financial services provider’s stock after buying an additional 7,342 shares during the period. HBK Sorce Advisory LLC’s holdings in Fifth Third Bancorp were worth $1,498,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FITB. Quarry LP bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. HWG Holdings LP acquired a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $27,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. REAP Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $40.68 on Thursday. The business’s fifty day moving average is $37.79 and its two-hundred day moving average is $40.23. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market cap of $27.15 billion, a P/E ratio of 12.91, a P/E/G ratio of 1.40 and a beta of 0.90. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the previous year, the business posted $0.70 earnings per share. Equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has authorized a stock repurchase program 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. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.64%. Fifth Third Bancorp’s payout ratio is 46.98%.

Analyst Ratings Changes

FITB has been the subject of a number of recent research reports. Morgan Stanley cut their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. decreased their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a research note on Monday, April 7th. Finally, Truist Financial cut their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.53.

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.