WealthBridge Capital Management LLC Takes $394,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

WealthBridge Capital Management LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,041 shares of the financial services provider's stock, valued at approximately $394,000.

Several other institutional investors have also bought and sold shares of the company. HWG Holdings LP purchased a new position in Fifth Third Bancorp during the 1st quarter valued at about $27,000. Quarry LP purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $29,000. REAP Financial Group LLC lifted 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 buying an additional 487 shares during the last quarter. Grove Bank & Trust boosted its stake 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 purchasing an additional 335 shares in the last quarter. Finally, Ethos Financial Group LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $1.31 during trading hours on Tuesday, hitting $42.44. 5,033,424 shares of the company's stock traded hands, compared to its average volume of 4,917,728. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The business's fifty day moving average price is $38.24 and its two-hundred day moving average price is $40.05. The firm has a market capitalization of $28.33 billion, a P/E ratio of 13.47, a P/E/G ratio of 1.43 and a beta of 0.90. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results 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 net margin of 17.65% and a return on equity of 13.64%. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the previous year, the company earned $0.70 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders 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 3.49%. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Fifth Third Bancorp announced that its board has authorized a share repurchase program on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FITB shares. Barclays dropped their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Cowen started coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.