Wealth Enhancement Advisory Services LLC Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)

Wealth Enhancement Advisory Services LLC grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 47.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 212,364 shares of the financial services provider's stock after purchasing an additional 67,956 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Fifth Third Bancorp were worth $8,979,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sierra Ocean LLC acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $33,000. Finally, REAP Financial Group LLC raised its position in shares of Fifth Third Bancorp by 161.8% during the fourth 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 period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 0.4%

FITB traded down $0.15 on Thursday, hitting $38.30. 5,911,112 shares of the company were exchanged, compared to its average volume of 4,519,792. The stock has a market capitalization of $25.56 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.42 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 firm has a fifty day simple moving average of $36.64 and a two-hundred day simple moving average of $41.03. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share 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 analyst estimates of $2.17 billion. During the same quarter last year, the company earned $0.70 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FITB. Keefe, Bruyette & Woods lowered their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. Truist Financial lowered their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. 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. JPMorgan Chase & Co. lowered their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company decreased their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.00.

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.