Prime Capital Investment Advisors LLC Has $3.45 Million Stock Position in Fifth Third Bancorp $FITB

Prime Capital Investment Advisors LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 973.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,793 shares of the financial services provider’s stock after purchasing an additional 66,919 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $3,454,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AE Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 4.7% in the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock valued at $15,503,000 after acquiring an additional 15,627 shares during the period. Bahl & Gaynor Inc. raised its holdings in shares of Fifth Third Bancorp by 18.0% in the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock valued at $7,189,000 after purchasing an additional 24,566 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Fifth Third Bancorp by 2.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock valued at $90,131,000 after purchasing an additional 48,080 shares during the period. Generali Asset Management SPA SGR acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $1,314,000. Finally, Westfield Capital Management Co. LP grew its holdings in Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after purchasing an additional 340,030 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 1.8%

Shares of FITB stock opened at $49.31 on Friday. Fifth Third Bancorp has a 12-month low of $32.79 and a 12-month high of $55.44. The company has a market capitalization of $44.65 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95. The firm has a 50 day moving average price of $49.02 and a two-hundred day moving average price of $46.67. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent analyst reports. Argus boosted their price target on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Wolfe Research cut their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. UBS Group reissued a “buy” rating and set a $59.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Robert W. Baird increased their price target on Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Finally, Citigroup raised their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.41.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.