Bartlett & CO. Wealth Management LLC Has $1.95 Million Position in Fifth Third Bancorp $FITB

Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 46,976 shares of the financial services provider’s stock after acquiring an additional 1,436 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $1,950,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. HWG Holdings LP bought a new stake in Fifth Third Bancorp in the first quarter valued at about $27,000. Banque Transatlantique SA acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $27,000. Larson Financial Group LLC increased 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 acquiring an additional 357 shares during the last quarter. Grove Bank & Trust raised its position 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 acquiring an additional 335 shares during the period. Finally, Citizens National Bank Trust Department bought a new position in Fifth Third Bancorp during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.4%

FITB stock opened at $44.35 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $29.35 billion, a P/E ratio of 13.77, a P/E/G ratio of 1.43 and a beta of 0.95. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The business has a 50-day moving average of $44.04 and a 200-day moving average of $40.52.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.69%.

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

Analyst Ratings Changes

Several brokerages have commented on FITB. 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. Evercore ISI raised their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research note on Tuesday. Truist Financial lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.00.

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.