AE Wealth Management LLC Grows Position in Fifth Third Bancorp (NASDAQ:FITB)

AE Wealth Management LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 367,140 shares of the financial services provider's stock after acquiring an additional 41,032 shares during the quarter. AE Wealth Management LLC owned about 0.05% of Fifth Third Bancorp worth $14,392,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. HWG Holdings LP purchased a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $27,000. Larson Financial Group LLC grew its stake in 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 buying an additional 357 shares in the last quarter. REAP Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust boosted its holdings in shares of Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded down $0.05 on Thursday, reaching $42.69. 4,982,143 shares of the company's stock traded hands, compared to its average volume of 6,598,071. The stock has a market cap of $28.50 billion, a PE ratio of 13.26, a P/E/G ratio of 1.39 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a 50-day simple moving average of $40.48 and a 200 day simple moving average of $40.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp declared that its board has approved a stock buyback program on Monday, June 16th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Analyst Ratings Changes

FITB has been the topic of a number of recent research reports. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Keefe, Bruyette & Woods lowered their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Company 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.