Pzena Investment Management LLC Acquires 617 Shares of Fifth Third Bancorp $FITB

Pzena Investment Management LLC increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 951,468 shares of the financial services provider’s stock after purchasing an additional 617 shares during the quarter. Pzena Investment Management LLC owned approximately 0.14% of Fifth Third Bancorp worth $39,134,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of FITB. Farther Finance Advisors LLC boosted its position in Fifth Third Bancorp by 90.2% during the first quarter. Farther Finance Advisors LLC now owns 7,350 shares of the financial services provider’s stock valued at $286,000 after acquiring an additional 3,485 shares during the last quarter. GAMMA Investing LLC boosted its position in Fifth Third Bancorp by 11.5% during the first quarter. GAMMA Investing LLC now owns 30,698 shares of the financial services provider’s stock valued at $1,203,000 after acquiring an additional 3,170 shares during the last quarter. SG Americas Securities LLC boosted its position in Fifth Third Bancorp by 176.1% during the first quarter. SG Americas Securities LLC now owns 37,311 shares of the financial services provider’s stock valued at $1,463,000 after acquiring an additional 23,796 shares during the last quarter. Southland Equity Partners LLC boosted its position in Fifth Third Bancorp by 7.8% during the first quarter. Southland Equity Partners LLC now owns 5,236 shares of the financial services provider’s stock valued at $205,000 after acquiring an additional 380 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in Fifth Third Bancorp by 271.9% during the first quarter. Exchange Traded Concepts LLC now owns 6,921 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 5,060 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on FITB shares. Wolfe Research upped their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Citigroup upped their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Evercore ISI upped their price objective on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. Finally, Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.20.

Fifth Third Bancorp Stock Down 5.3%

Fifth Third Bancorp stock opened at $41.47 on Monday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The firm has a 50 day moving average price of $44.23 and a 200-day moving average price of $40.73. The company has a market capitalization of $27.45 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.12 and a beta of 0.95. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed 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 a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.9%. Fifth Third Bancorp’s payout ratio is 49.69%.

Fifth Third Bancorp declared that its board has approved a stock buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.