Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,701,734 shares of the financial services provider’s stock after purchasing an additional 56,298 shares during the quarter. Envestnet Asset Management Inc. owned about 0.25% of Fifth Third Bancorp worth $62,096,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Financial Synergies Wealth Advisors Inc. purchased a new stake in Fifth Third Bancorp in the first quarter valued at about $29,000. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $34,000. Centerpoint Advisors LLC raised its position in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 750 shares during the last quarter. Family Firm Inc. acquired a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $52,000. Finally, Blue Trust Inc. grew its position in Fifth Third Bancorp by 130.6% during the 2nd quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 914 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kevin P. Lavender sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at $5,224,883.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now directly owns 20,961 shares in the company, valued at $863,802.81. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock worth $2,269,920 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

FITB opened at $42.62 on Thursday. The firm has a fifty day moving average price of $40.97 and a 200 day moving average price of $38.05. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $43.37. The stock has a market cap of $29.15 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.93 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter last year, the company posted $0.87 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.37 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Jefferies Financial Group raised their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Argus lifted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley boosted their price target on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Wolfe Research upgraded Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a research note on Friday, May 31st. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $41.16.

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.