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

Moran Wealth Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,148 shares of the financial services provider's stock, valued at approximately $672,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boston Partners grew its holdings in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after acquiring an additional 823,803 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Fifth Third Bancorp by 27.3% in the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after acquiring an additional 438,446 shares during the last quarter. AMJ Financial Wealth Management lifted its position in shares of Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after purchasing an additional 9,401 shares in the last quarter. Heartland Bank & Trust Co bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $1,011,000. Finally, Banco Santander S.A. bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $357,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 0.9%

Shares of FITB stock traded down $0.38 on Monday, reaching $41.13. The company had a trading volume of 5,524,080 shares, compared to its average volume of 4,567,030. The stock has a market cap of $27.45 billion, a PE ratio of 13.06, a PEG ratio of 1.43 and a beta of 0.90. The company has a 50-day moving average of $38.24 and a 200-day moving average of $40.05. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp declared that its board has authorized a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed 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. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Analysts Set New Price Targets

Several research analysts recently weighed in on FITB shares. JPMorgan Chase & Co. dropped their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Truist Financial lowered their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Cowen began coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

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.