Fifth Third Bancorp $FITB Stock Acquired by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions more than doubled its Fifth Third Bancorp stake in the second quarter, increasing holdings by 115.5% to 35,927 shares valued at approximately $2.03 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $61.20, above its reported $52.05 share price.
• Fifth Third raised its quarterly dividend to $0.42 per share, or $1.68 annually, implying a 3.2% yield. Its latest quarterly revenue rose 45.8% year over year, though earnings per share narrowly missed analyst expectations.

Envestnet Portfolio Solutions Inc. boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 115.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,927 shares of the financial services provider's stock after purchasing an additional 19,253 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Fifth Third Bancorp were worth $2,025,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FITB. Security National Bank of SO Dak acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $25,000. Junto Capital Management LP raised its holdings in Fifth Third Bancorp by 85.2% in the second quarter. Junto Capital Management LP now owns 1,094,284 shares of the financial services provider's stock valued at $61,685,000 after buying an additional 503,306 shares during the period. Sequoia Financial Advisors LLC lifted its position in Fifth Third Bancorp by 4.8% during the second quarter. Sequoia Financial Advisors LLC now owns 49,334 shares of the financial services provider's stock valued at $2,781,000 after buying an additional 2,261 shares in the last quarter. Tidal Investments LLC lifted its position in Fifth Third Bancorp by 30.7% during the second quarter. Tidal Investments LLC now owns 39,522 shares of the financial services provider's stock valued at $2,228,000 after buying an additional 9,278 shares in the last quarter. Finally, MCF Advisors LLC grew its stake in Fifth Third Bancorp by 15.2% during the second quarter. MCF Advisors LLC now owns 80,860 shares of the financial services provider's stock worth $4,583,000 after buying an additional 10,656 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FITB shares. JPMorgan Chase & Co. raised their target price on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research report on Monday, July 20th. DA Davidson increased their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. Citigroup raised Fifth Third Bancorp from a "neutral" rating to a "buy" rating and raised their price objective for the company from $59.00 to $62.00 in a research report on Tuesday. Finally, Stephens reduced their price objective on Fifth Third Bancorp from $63.00 to $61.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.20.

Fifth Third Bancorp Stock Up 1.1%

Shares of NASDAQ FITB opened at $52.05 on Friday. 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 has a 1 year low of $40.04 and a 1 year high of $59.50. The stock's 50-day simple moving average is $55.47 and its 200-day simple moving average is $52.29. The firm has a market cap of $47.20 billion, a price-to-earnings ratio of 17.47, a PEG ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 EPS. As a group, equities analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.42 dividend. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Fifth Third Bancorp's dividend payout ratio is currently 57.34%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

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