Sowell Financial Services LLC Makes New $366,000 Investment in Fifth Third Bancorp (NASDAQ:FITB)

Sowell Financial Services LLC acquired 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 filing with the Securities & Exchange Commission. The institutional investor acquired 9,333 shares of the financial services provider's stock, valued at approximately $366,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Quarry LP bought a new position in Fifth Third Bancorp in the 4th quarter worth about $29,000. BankPlus Trust Department bought a new position in Fifth Third Bancorp in the 4th quarter worth about $29,000. Midwest Capital Advisors LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth about $33,000. REAP Financial Group LLC grew its position 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 purchasing an additional 487 shares during the last quarter. Finally, Ethos Financial Group LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth about $39,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded up $0.56 during trading hours on Friday, reaching $39.34. 10,183,606 shares of the company's stock were exchanged, compared to its average volume of 4,504,741. 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 company has a market capitalization of $26.26 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 1.36 and a beta of 0.90. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The business's 50-day simple moving average is $37.45 and its two-hundred day simple moving average is $40.32.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly 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 business 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 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared 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. The ex-dividend date is Monday, June 30th. 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 announced that its Board of Directors has approved a stock buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

FITB has been the subject of several recent analyst reports. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. TD Cowen began coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on shares of 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. Finally, JPMorgan Chase & Co. decreased 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 report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.