Bartlett & CO. Wealth Management LLC Has $1.80 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Bartlett & CO. Wealth Management LLC increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.7% in the first quarter, Holdings Channel.com reports. The firm owned 45,540 shares of the financial services provider’s stock after buying an additional 5,845 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $1,802,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Diversified Trust Co increased its position in Fifth Third Bancorp by 4.1% in the 1st quarter. Diversified Trust Co now owns 10,294 shares of the financial services provider’s stock valued at $404,000 after acquiring an additional 402 shares during the period. Park Place Capital Corp acquired a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $82,000. PDS Planning Inc acquired a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $207,000. HBK Sorce Advisory LLC increased its position in Fifth Third Bancorp by 23.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 38,226 shares of the financial services provider’s stock valued at $1,498,000 after acquiring an additional 7,342 shares during the period. Finally, Golden State Wealth Management LLC increased its position in Fifth Third Bancorp by 513.8% in the 1st quarter. Golden State Wealth Management LLC now owns 2,185 shares of the financial services provider’s stock valued at $86,000 after acquiring an additional 1,829 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FITB has been the subject of several recent research reports. Barclays decreased their price target on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Stephens restated an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. JPMorgan Chase & Co. reduced their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.53.

Fifth Third Bancorp Stock Up 0.1%

Shares of NASDAQ FITB opened at $41.51 on Friday. The firm has a market cap of $27.71 billion, a PE ratio of 13.18, a P/E/G ratio of 1.43 and a beta of 0.90. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company’s fifty day simple moving average is $38.09 and its 200 day simple moving average is $40.16. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same period in the prior year, the firm earned $0.70 earnings per share. As a group, sell-side 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 will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.57%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Fifth Third Bancorp declared that its Board of Directors has initiated 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 an indication that the company’s leadership believes its shares are undervalued.

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.