Envestnet Asset Management Inc. Has $74.31 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Envestnet Asset Management Inc. grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,895,706 shares of the financial services provider's stock after buying an additional 86,399 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.28% of Fifth Third Bancorp worth $74,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in FITB. HWG Holdings LP acquired a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $27,000. Quarry LP acquired a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. REAP Financial Group LLC lifted its holdings in Fifth Third Bancorp by 161.8% in the 4th 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. Grove Bank & Trust lifted its holdings 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 worth $35,000 after purchasing an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department acquired a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $39,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $44.05 on Friday. The business's fifty day moving average price is $39.47 and its two-hundred day moving average price is $40.09. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock has a market capitalization of $29.40 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 1.50 and a beta of 0.91. 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 (NASDAQ:FITB - Get Free Report) last announced its quarterly 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. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The firm had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's payout ratio is presently 46.98%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan 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 plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Keefe, Bruyette & Woods cut their price target 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. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Jefferies Financial Group began coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. Finally, TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target 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.

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