Envestnet Asset Management Inc. Has $90.13 Million Position in Fifth Third Bancorp $FITB

Envestnet Asset Management Inc. raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,023,145 shares of the financial services provider’s stock after buying an additional 48,080 shares during the quarter. Envestnet Asset Management Inc. owned 0.31% of Fifth Third Bancorp worth $90,131,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp during the second quarter worth about $26,000. Westside Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares in the last quarter. Activest Wealth Management increased its holdings in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares during the period. United Community Bank increased its holdings in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the period. Finally, GoalVest Advisory LLC raised its position in shares of Fifth Third Bancorp by 246.3% in the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after buying an additional 532 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 2.4%

Shares of NASDAQ FITB opened at $55.08 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The company has a market cap of $36.41 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.12 and a beta of 0.99. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $55.36. The stock has a 50-day moving average price of $48.74 and a two-hundred day moving average price of $45.22.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The company had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FITB shares. DA Davidson increased their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Truist Financial upped their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Robert W. Baird raised their price target on Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Wolfe Research boosted their price target on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group increased their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.58.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.