Atria Wealth Solutions Inc. Trims Stake in Fifth Third Bancorp $FITB

Atria Wealth Solutions Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 73.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,242 shares of the financial services provider's stock after selling 14,350 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Fifth Third Bancorp were worth $207,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FITB. CreativeOne Wealth LLC raised its position in Fifth Third Bancorp by 7.9% in the 4th quarter. CreativeOne Wealth LLC now owns 6,815 shares of the financial services provider's stock worth $288,000 after purchasing an additional 498 shares during the period. NewEdge Advisors LLC increased its position in shares of Fifth Third Bancorp by 9.8% in the fourth quarter. NewEdge Advisors LLC now owns 41,756 shares of the financial services provider's stock valued at $1,765,000 after acquiring an additional 3,739 shares during the period. Marshall Wace LLP boosted its stake in shares of Fifth Third Bancorp by 379.0% during the 4th quarter. Marshall Wace LLP now owns 521,325 shares of the financial services provider's stock valued at $22,042,000 after purchasing an additional 412,496 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Fifth Third Bancorp by 5.0% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 645,145 shares of the financial services provider's stock valued at $27,265,000 after purchasing an additional 30,483 shares in the last quarter. Finally, Capital International Sarl boosted its stake in shares of Fifth Third Bancorp by 77.9% during the 4th quarter. Capital International Sarl now owns 22,022 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 9,640 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price for the company. Finally, DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

Fifth Third Bancorp Trading Down 0.4%

Shares of FITB traded down $0.1850 during midday trading on Thursday, hitting $42.9150. The stock had a trading volume of 1,032,459 shares, compared to its average volume of 4,926,937. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The stock's 50 day moving average is $41.85 and its 200 day moving average is $39.91. The firm has a market cap of $28.41 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.39 and a beta of 0.91. 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 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 dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its board has approved a stock repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

About Fifth Third Bancorp

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.