Envestnet Asset Management Inc. Purchases 48,080 Shares of Fifth Third Bancorp $FITB

Envestnet Asset Management Inc. increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,023,145 shares of the financial services provider’s stock after buying an additional 48,080 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $90,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Westside Investment Management Inc. grew its holdings in Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares during the last quarter. Evolution Wealth Management Inc. acquired a new position in shares of Fifth Third Bancorp during the second quarter worth $26,000. United Community Bank grew its stake in shares of Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the last quarter. Activest Wealth Management increased its holdings in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 626 shares during the period. Finally, GoalVest Advisory LLC increased its holdings in Fifth Third Bancorp by 246.3% in the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 532 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 2.4%

Fifth Third Bancorp stock opened at $55.08 on Friday. The company has a market capitalization of $36.41 billion, a PE ratio of 15.56, a PEG ratio of 1.12 and a beta of 0.99. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.36. The firm’s fifty day moving average is $48.74 and its 200 day moving average is $45.22. 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 (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The firm had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on FITB shares. Janney Montgomery Scott lifted their target price on Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, January 21st. Wall Street Zen downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup raised their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Finally, Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.58.

About Fifth Third Bancorp

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.