Fifth Third Bancorp $FITB Shares Purchased by CreativeOne Wealth LLC

CreativeOne Wealth LLC grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 8,578 shares of the financial services provider’s stock after purchasing an additional 1,763 shares during the period. CreativeOne Wealth LLC’s holdings in Fifth Third Bancorp were worth $336,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Harvest Portfolios Group Inc. grew its stake in Fifth Third Bancorp by 12.3% during the first quarter. Harvest Portfolios Group Inc. now owns 156,184 shares of the financial services provider’s stock worth $6,122,000 after buying an additional 17,161 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Fifth Third Bancorp by 110.0% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 330,612 shares of the financial services provider’s stock worth $12,960,000 after buying an additional 173,200 shares during the period. ICONIQ Capital LLC purchased a new stake in Fifth Third Bancorp during the first quarter worth approximately $222,000. Jump Financial LLC grew its stake in Fifth Third Bancorp by 382.2% during the first quarter. Jump Financial LLC now owns 30,049 shares of the financial services provider’s stock worth $1,178,000 after buying an additional 23,817 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Fifth Third Bancorp by 5.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 56,689 shares of the financial services provider’s stock worth $2,222,000 after buying an additional 2,799 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Fifth Third Bancorp Trading Up 0.4%

FITB opened at $45.77 on Tuesday. The stock has a market capitalization of $30.29 billion, a PE ratio of 14.21, a P/E/G ratio of 1.48 and a beta of 0.93. The firm’s fifty day moving average price is $42.83 and its 200 day moving average price is $39.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio is 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board 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.