Wealth Enhancement Advisory Services LLC Raises Stake in Fifth Third Bancorp $FITB

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Fifth Third Bancorp by 6.6%, owning 163,003 shares worth approximately $7.07 million after acquiring an additional 10,042 shares.
• Multiple analysts have upgraded their ratings and target prices for Fifth Third Bancorp, with Wells Fargo raising their target price from $48 to $52 and giving it an "overweight" rating.
• Fifth Third Bancorp is set to pay a quarterly dividend of $0.40 on October 15, 2023, an increase from the previous dividend of $0.37, representing an annualized yield of 3.5%.

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,003 shares of the financial services provider's stock after buying an additional 10,042 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Fifth Third Bancorp were worth $7,074,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Banque Transatlantique SA purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Larson Financial Group LLC increased its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the period. 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 valued at $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust increased its holdings in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, September 10th. Truist Financial lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Citigroup boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.60.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $45.14 on Wednesday. The firm has a market capitalization of $29.88 billion, a PE ratio of 14.02, a P/E/G ratio of 1.44 and a beta of 0.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm's 50-day simple moving average is $43.78 and its 200 day simple moving average is $40.26. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.40 dividend. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its board has initiated a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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.

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