Envestnet Asset Management Inc. Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Envestnet Asset Management Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,809,307 shares of the financial services provider's stock after acquiring an additional 64,932 shares during the quarter. Envestnet Asset Management Inc. owned 0.27% of Fifth Third Bancorp worth $76,498,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Quantinno Capital Management LP grew its stake in shares of Fifth Third Bancorp by 17.1% during the third quarter. Quantinno Capital Management LP now owns 75,257 shares of the financial services provider's stock worth $3,224,000 after purchasing an additional 10,991 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 73.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 16,070 shares of the financial services provider's stock worth $688,000 after acquiring an additional 6,814 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at about $358,000. National Bank of Canada FI raised its position in shares of Fifth Third Bancorp by 149.8% during the 3rd quarter. National Bank of Canada FI now owns 482,454 shares of the financial services provider's stock worth $20,668,000 after acquiring an additional 289,316 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in Fifth Third Bancorp by 13.9% during the third quarter. Orion Portfolio Solutions LLC now owns 10,499 shares of the financial services provider's stock worth $450,000 after purchasing an additional 1,285 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

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Fifth Third Bancorp Price Performance

NASDAQ:FITB traded up $0.01 during trading hours on Friday, hitting $33.84. The company's stock had a trading volume of 5,836,563 shares, compared to its average volume of 4,466,293. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The business's 50-day moving average is $40.10 and its two-hundred day moving average is $42.94. The company has a market capitalization of $22.61 billion, a PE ratio of 10.78, a PEG ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 47.13%.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Analyst Ratings Changes

FITB has been the subject of several recent analyst reports. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective for the company in a research report on Monday, April 7th. Morgan Stanley decreased their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Truist Financial lifted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Baird R W raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.12.

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.