Fifth Third Bancorp $FITB Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,975,065 shares of the financial services provider’s stock after acquiring an additional 79,359 shares during the period. Envestnet Asset Management Inc. owned about 0.30% of Fifth Third Bancorp worth $81,234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FITB. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $27,000. Activest Wealth Management lifted its position in shares of Fifth Third Bancorp by 1,043.3% during the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 626 shares during the period. Larson Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 91.3% during 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 period. BankPlus Trust Department lifted its position in shares of Fifth Third Bancorp by 53.0% during the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 290 shares during the period. Finally, Avalon Trust Co acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $39,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group lifted their price target on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Morgan Stanley set a $60.00 price target on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Argus lifted their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, TD Cowen lifted their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Trading Down 1.2%

Shares of Fifth Third Bancorp stock opened at $41.77 on Thursday. The company has a market capitalization of $27.65 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.15 and a beta of 0.95. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The business has a 50 day moving average price of $44.21 and a 200 day moving average price of $41.29.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.87 by $0.06. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. Fifth Third Bancorp’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is presently 47.76%.

Insider Buying and Selling

In other news, Director Evan Bayh bought 3,000 shares of the stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.53% of the company’s stock.

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.