Daymark Wealth Partners LLC Lowers Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Daymark Wealth Partners LLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 257,577 shares of the financial services provider's stock after selling 11,876 shares during the quarter. Daymark Wealth Partners LLC's holdings in Fifth Third Bancorp were worth $10,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Howard Capital Management Inc. boosted its stake in Fifth Third Bancorp by 5.6% during the fourth quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider's stock worth $219,000 after acquiring an additional 274 shares in the last quarter. Oxford Financial Group LTD. LLC raised its holdings in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Oxford Financial Group LTD. LLC now owns 10,341 shares of the financial services provider's stock valued at $437,000 after purchasing an additional 313 shares during the period. Gotham Asset Management LLC boosted its position in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after purchasing an additional 316 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 0.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock valued at $2,161,000 after buying an additional 322 shares during the period. Finally, Grove Bank & Trust increased its position in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after buying an additional 335 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded up $0.09 during midday trading on Wednesday, reaching $40.68. 5,827,115 shares of the stock were exchanged, compared to its average volume of 4,539,934. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week 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 firm has a market cap of $27.15 billion, a PE ratio of 12.91, a PEG ratio of 1.38 and a beta of 0.90. The company's fifty day moving average is $37.67 and its 200-day moving average is $40.23.

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

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

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's payout ratio is 46.98%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FITB. Citigroup cut their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Stephens restated an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Barclays dropped their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods decreased their target price on shares of 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 analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

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.