Envestnet Portfolio Solutions Inc. Sells 33,767 Shares of Fifth Third Bancorp $FITB

Key Points

• Envestnet Portfolio Solutions cut its Fifth Third Bancorp stake by 55.6% in the fourth quarter, selling 33,767 shares and leaving it with 26,925 shares valued at about $1.26 million.
• Analyst sentiment remains positive overall, with 17 Buy ratings and 4 Hold ratings, giving FITB a consensus rating of “Moderate Buy” and a consensus price target of $57.19.
• Fifth Third recently reported strong quarterly earnings of $0.83 per share, beating expectations, and maintained a 3.2% dividend yield with a quarterly payout of $0.40 per share.

Envestnet Portfolio Solutions Inc. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 55.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,925 shares of the financial services provider's stock after selling 33,767 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Fifth Third Bancorp were worth $1,260,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Westside Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 292 shares during the last quarter. Harbor Investment Advisory LLC increased its position in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares during the last quarter. United Community Bank increased its position in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 581 shares during the last quarter. Quest 10 Wealth Builders Inc. increased its position in shares of Fifth Third Bancorp by 619.6% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 632 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its position in shares of Fifth Third Bancorp by 77.6% during the 4th quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 322 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent research reports. Jefferies Financial Group raised their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, April 8th. Royal Bank Of Canada restated an "outperform" rating and set a $57.00 price target on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Wolfe Research reduced their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $57.19.

Insider Buying and Selling

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $49.48 on Friday. The firm has a market cap of $44.84 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.01 and a beta of 0.94. Fifth Third Bancorp has a fifty-two week low of $36.64 and a fifty-two week high of $55.44. The business's 50 day moving average price is $47.94 and its 200-day moving average price is $47.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period last year, the company earned $0.71 EPS. On average, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 53.69%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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