Apollon Wealth Management LLC Has $819,000 Stake in Fifth Third Bancorp (NASDAQ:FITB)

Apollon Wealth Management LLC cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 34.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,895 shares of the financial services provider's stock after selling 10,952 shares during the quarter. Apollon Wealth Management LLC's holdings in Fifth Third Bancorp were worth $819,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in FITB. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $27,000. Quarry LP bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. REAP Financial Group LLC grew its holdings 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 valued at $33,000 after purchasing an additional 487 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $39,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 1.0%

Shares of NASDAQ FITB traded up $0.42 during mid-day trading on Friday, reaching $43.03. The company had a trading volume of 7,556,302 shares, compared to its average volume of 4,652,767. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market capitalization of $28.72 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91. The stock's 50 day moving average is $40.09 and its 200-day moving average is $40.09.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has authorized a share 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 purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Analyst Ratings Changes

FITB has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Citigroup reduced their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. JPMorgan Chase & Co. reduced their price objective on 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. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $47.53.

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.