Secure Asset Management LLC Buys New Shares in Fifth Third Bancorp (NASDAQ:FITB)

Secure Asset Management LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 52,322 shares of the financial services provider's stock, valued at approximately $2,051,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $28,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $29,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $29,000. Midwest Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $33,000. Finally, REAP Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after purchasing an additional 487 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.4%

Shares of NASDAQ FITB traded down $0.15 during trading hours on Thursday, reaching $38.30. The stock had a trading volume of 5,911,112 shares, compared to its average volume of 4,519,780. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market cap of $25.56 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 1.42 and a beta of 0.90. The business's fifty day moving average price is $36.66 and its two-hundred day moving average price is $41.08. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same quarter in the previous year, the business earned $0.70 earnings per share. Analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.37 per share. The ex-dividend date was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.86%. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FITB shares. Stephens restated an "equal weight" rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Morgan Stanley lowered their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group started coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. DA Davidson lowered their price objective on Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Citigroup lowered their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $47.00.

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.