Vanguard Personalized Indexing Management LLC Has $4.58 Million Holdings in Fifth Third Bancorp $FITB

Vanguard Personalized Indexing Management LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 111,354 shares of the financial services provider’s stock after buying an additional 14,056 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Fifth Third Bancorp were worth $4,580,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $27,000. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $27,000. Larson Financial Group LLC raised its stake in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 357 shares during the period. BankPlus Trust Department raised its stake in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 290 shares during the period. Finally, Grove Bank & Trust raised its stake in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 335 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.8%

Fifth Third Bancorp stock opened at $42.20 on Tuesday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. 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 stock has a market capitalization of $27.93 billion, a P/E ratio of 13.11, a PEG ratio of 1.12 and a beta of 0.95. The stock has a 50-day simple moving average of $44.24 and a 200 day simple moving average of $40.75.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The firm 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 dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. 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 yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio is 49.69%.

Analysts Set New Price Targets

FITB has been the topic of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. The Goldman Sachs Group lifted their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Evercore ISI raised their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. TD Cowen raised their price objective on Fifth Third Bancorp from $53.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Piper Sandler decreased their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.20.

Fifth Third Bancorp Company 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.