Fifth Third Bancorp $FITB Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.3% in the first quarter, HoldingsChannel reports. The firm owned 33,445 shares of the financial services provider’s stock after selling 1,144 shares during the period. Cresset Asset Management LLC’s holdings in Fifth Third Bancorp were worth $1,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Commerce Bank raised its position in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after acquiring an additional 282 shares during the period. Orca Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after acquiring an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 3.0% in the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 300 shares during the period. Gotham Asset Management LLC raised its position in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider’s stock worth $597,000 after acquiring an additional 316 shares during the period. Finally, Independent Advisor Alliance raised its position in shares of Fifth Third Bancorp by 2.1% in the first quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider’s stock worth $598,000 after acquiring an additional 319 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.7%

FITB stock opened at $43.10 on Thursday. The stock has a market capitalization of $28.53 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.39 and a beta of 0.91. The firm has a 50-day simple moving average of $41.85 and a 200-day simple moving average of $39.91. 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 has a 52 week low of $32.25 and a 52 week high of $49.07.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. Fifth Third Bancorp’s payout ratio is currently 45.96%.

Wall Street Analyst Weigh In

FITB has been the subject of a number of analyst reports. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a “buy” rating and a $52.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 10th. Finally, Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.80.

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.