Moran Wealth Management LLC Invests $672,000 in Fifth Third Bancorp (NASDAQ:FITB)

Moran Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 17,148 shares of the financial services provider's stock, valued at approximately $672,000.

Other large investors also recently bought and sold shares of the company. HWG Holdings LP purchased a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. REAP Financial Group LLC grew its position 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 purchasing an additional 487 shares in the last quarter. Grove Bank & Trust grew its position 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 purchasing an additional 335 shares in the last quarter. Finally, Ethos Financial Group LLC purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $39,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ:FITB traded up $0.06 during trading hours on Friday, reaching $41.51. 10,833,865 shares of the stock were exchanged, compared to its average volume of 4,575,087. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average of $37.94 and a two-hundred day moving average of $40.20. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a market capitalization of $27.71 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.40 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. On average, equities analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of analyst reports. Barclays dropped their price target on 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. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target for the company in a research report on Monday, April 7th. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Citigroup dropped their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, Jefferies Financial Group began coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.