Secure Asset Management LLC Invests $2.05 Million in Fifth Third Bancorp (NASDAQ:FITB)

Secure Asset Management LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 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 have also made changes to their positions in FITB. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $28,000. BankPlus Trust Department acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $33,000. Finally, REAP Financial Group LLC grew its holdings in 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 buying an additional 487 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FITB. Royal Bank of Canada reissued an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Keefe, Bruyette & Woods decreased their price objective on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Jefferies Financial Group began coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Citigroup decreased their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective for the company in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.00.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $1.11 on Friday, reaching $39.41. 3,176,082 shares of the company traded hands, compared to its average volume of 4,523,008. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company's 50 day moving average is $36.65 and its 200-day moving average is $40.98. The stock has a market capitalization of $26.31 billion, a PE ratio of 12.55, a P/E/G ratio of 1.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

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

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.76%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Fifth Third Bancorp Company 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.