Wealth Enhancement Advisory Services LLC Sells 59,403 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Wealth Enhancement Advisory Services LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 28.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,961 shares of the financial services provider's stock after selling 59,403 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Fifth Third Bancorp were worth $5,996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FITB. Legacy Trust grew its position in Fifth Third Bancorp by 8.1% in the first quarter. Legacy Trust now owns 16,668 shares of the financial services provider's stock valued at $653,000 after acquiring an additional 1,250 shares during the last quarter. Greenwood Capital Associates LLC lifted its stake in shares of Fifth Third Bancorp by 29.9% in the first quarter. Greenwood Capital Associates LLC now owns 29,589 shares of the financial services provider's stock worth $1,160,000 after acquiring an additional 6,812 shares during the period. Fifth Third Bancorp lifted its stake in shares of Fifth Third Bancorp by 1.0% in the first quarter. Fifth Third Bancorp now owns 784,950 shares of the financial services provider's stock worth $30,770,000 after acquiring an additional 7,778 shares during the period. Visionary Horizons LLC acquired a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $575,000. Finally, SG Americas Securities LLC lifted its stake in shares of Fifth Third Bancorp by 176.1% in the first quarter. SG Americas Securities LLC now owns 37,311 shares of the financial services provider's stock worth $1,463,000 after acquiring an additional 23,796 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 1.1%

Shares of NASDAQ:FITB opened at $40.59 on Wednesday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. The firm has a market capitalization of $27.09 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.38 and a beta of 0.90. The business's 50-day moving average is $37.67 and its 200 day moving average is $40.23.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results 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. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has initiated a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.37 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.65%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Stephens restated an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. decreased their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, Cowen assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $47.53.

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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