Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

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

Fifth Third Bancorp Stock Down 0.0%

FITB stock traded down $0.01 during mid-day trading on Monday, reaching $43.75. The company had a trading volume of 5,114,854 shares, compared to its average volume of 4,580,898. 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 company has a market capitalization of $29.20 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.51 and a beta of 0.91. The firm has a fifty day simple moving average of $39.61 and a 200 day simple moving average of $40.05. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion for 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 quarter last year, the company earned $0.70 EPS. Analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has initiated a stock 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FITB shares. TD Cowen started coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Barclays reduced their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Citigroup dropped their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. One investment 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.