Angeles Wealth Management LLC Makes New $258,000 Investment in Fifth Third Bancorp $FITB

Key Points

• Angeles Wealth Management LLC has made a new investment of $258,000 in Fifth Third Bancorp, acquiring 6,275 shares of the company during the second quarter.
• Fifth Third Bancorp has declared a quarterly dividend of $0.40 per share, increasing from the previous dividend of $0.37, which gives it an annual yield of 3.9%.
• Multiple analysts have raised their price targets for Fifth Third Bancorp, with Morgan Stanley setting a target of $60.00 and the consensus price target now at $50.35.

Angeles Wealth Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,275 shares of the financial services provider's stock, valued at approximately $258,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Harbour Investments Inc. grew its position in Fifth Third Bancorp by 11.9% during the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider's stock worth $102,000 after buying an additional 263 shares during the period. Moody National Bank Trust Division grew its position in Fifth Third Bancorp by 1.5% during the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider's stock worth $759,000 after buying an additional 271 shares during the period. Commerce Bank grew its position in Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after buying an additional 282 shares during the period. BankPlus Trust Department grew its position in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 290 shares during the last quarter. Finally, Orca Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock valued at $1,384,000 after purchasing an additional 294 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 1.3%

Shares of NASDAQ FITB opened at $40.89 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $27.06 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 1.11 and a beta of 0.95. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm's 50 day moving average price is $44.29 and its 200 day moving average price is $40.82.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp's payout ratio is 49.69%.

Analyst Upgrades and Downgrades

FITB has been the topic of several research reports. Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Robert W. Baird increased their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Thursday, October 2nd. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "market perform" 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. Finally, Argus raised their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average price target of $50.35.

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.

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