Wealth Enhancement Advisory Services LLC Has $7.24 Million Holdings in Fifth Third Bancorp $FITB

Key Points

• Wealth Enhancement Advisory Services LLC trimmed its stake in Fifth Third Bancorp by 13.5%, selling 22,631 shares and leaving it with 145,406 shares valued at about $7.24 million.
• Multiple analysts have raised price targets recently and the stock has a consensus rating of "Moderate Buy" with a consensus target price of $56.99 (17 Buys, 3 Holds).
• Fifth Third declared a quarterly dividend of $0.40 (ex-dividend date March 31, payable April 15), equal to $1.60 annually and about a 3.6% yield.

Wealth Enhancement Advisory Services LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,406 shares of the financial services provider's stock after selling 22,631 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Fifth Third Bancorp were worth $7,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of FITB. Wedmont Private Capital lifted its holdings in shares of Fifth Third Bancorp by 4.0% during the 4th quarter. Wedmont Private Capital now owns 10,659 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 414 shares in the last quarter. Nordea Investment Management AB raised its holdings in Fifth Third Bancorp by 3.2% during the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock worth $59,788,000 after buying an additional 39,261 shares during the period. Lake Street Private Wealth LLC bought a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $205,000. Henrickson Nauta Wealth Advisors Inc. boosted its holdings in shares of Fifth Third Bancorp by 90.6% in the fourth quarter. Henrickson Nauta Wealth Advisors Inc. now owns 10,890 shares of the financial services provider's stock valued at $542,000 after buying an additional 5,175 shares during the period. Finally, Harbor Investment Advisory LLC increased its position in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after acquiring an additional 517 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on FITB. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, February 26th. Evercore upped their price target on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an "in-line" rating in a research report on Thursday, February 5th. Wall Street Zen cut shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a research report on Wednesday, January 21st. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $56.99.

Fifth Third Bancorp Trading Down 1.9%

Shares of NASDAQ:FITB opened at $44.54 on Friday. The business's 50 day simple moving average is $49.59 and its 200 day simple moving average is $46.53. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $40.33 billion, a P/E ratio of 12.58, a P/E/G ratio of 0.89 and a beta of 0.96.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. Fifth Third Bancorp's dividend payout ratio is 45.20%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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