Envestnet Portfolio Solutions Inc. Has $3.23 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Envestnet Portfolio Solutions Inc. reduced its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 15.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 82,509 shares of the financial services provider's stock after selling 14,983 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Fifth Third Bancorp were worth $3,234,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Quarry LP acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $33,000. REAP Financial Group LLC boosted its stake in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust grew its holdings in Fifth Third Bancorp by 60.7% in the first 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 period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Barclays reduced their price target on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. JPMorgan Chase & Co. dropped their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Cowen started coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Citigroup lowered their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

Fifth Third Bancorp Stock Up 1.4%

Shares of FITB stock opened at $39.34 on Monday. 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 has a one year low of $32.25 and a one year high of $49.07. The company's fifty day moving average price is $37.45 and its 200-day moving average price is $40.27. The company has a market capitalization of $26.26 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.36 and a beta of 0.90.

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 for the quarter, topping the consensus estimate 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 business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.76%. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Fifth Third Bancorp announced 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 purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp 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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