Envestnet Portfolio Solutions Inc. Has $2.59 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Envestnet Portfolio Solutions Inc. reduced its holdings in Fifth Third Bancorp by 23.8%, now owning 62,863 shares valued at approximately $2.59 million.
• Fifth Third Bancorp has recently increased its dividend to $0.40 per share, an increase from the previous $0.37, reflecting a yield of 4.0%.
• Analyst ratings for Fifth Third Bancorp show a consensus of "Moderate Buy" with a target price of $50.35, with multiple analysts upgrading their price objectives recently.

Envestnet Portfolio Solutions Inc. lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 23.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,863 shares of the financial services provider's stock after selling 19,646 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Fifth Third Bancorp were worth $2,586,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of FITB. GAMMA Investing LLC boosted its position in Fifth Third Bancorp by 11.5% during the 1st quarter. GAMMA Investing LLC now owns 30,698 shares of the financial services provider's stock worth $1,203,000 after acquiring an additional 3,170 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Fifth Third Bancorp by 271.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,921 shares of the financial services provider's stock worth $271,000 after acquiring an additional 5,060 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Fifth Third Bancorp by 11.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 249,117 shares of the financial services provider's stock worth $9,765,000 after acquiring an additional 24,979 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Fifth Third Bancorp during the 1st quarter worth approximately $366,000. Finally, QRG Capital Management Inc. raised its stake in shares of Fifth Third Bancorp by 2.6% during the 1st quarter. QRG Capital Management Inc. now owns 81,434 shares of the financial services provider's stock worth $3,192,000 after purchasing an additional 2,050 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 6.0%

FITB opened at $40.36 on Friday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock's fifty day simple moving average is $44.30 and its 200 day simple moving average is $40.79. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a market cap of $26.71 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.16 and a beta of 0.95.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 4.0%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 49.69%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of analyst reports. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the stock an "overweight" rating in a research note on Tuesday, October 7th. Wolfe Research upped their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 1st. Evercore ISI upped their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. UBS Group upped their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 7th. Finally, Piper Sandler dropped their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.35.

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.

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