Asio Capital LLC Decreases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Asio Capital LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 25.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,764 shares of the financial services provider's stock after selling 17,819 shares during the period. Asio Capital LLC's holdings in Fifth Third Bancorp were worth $2,068,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Sierra Ocean LLC purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $28,000. BankPlus Trust Department purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Quarry LP bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Midwest Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $33,000. Finally, REAP Financial Group LLC increased its position in Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after purchasing an additional 487 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on FITB. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. lowered their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods dropped their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp Trading Up 1.8%

Shares of NASDAQ:FITB traded up $0.67 during trading on Wednesday, reaching $38.78. 5,301,250 shares of the company were exchanged, compared to its average volume of 4,480,217. The business's fifty day simple moving average is $37.18 and its 200-day simple moving average is $40.49. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm has a market capitalization of $25.89 billion, a PE ratio of 12.31, a P/E/G ratio of 1.32 and a beta of 0.90.

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

Fifth Third Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.82%. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

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.