Envestnet Asset Management Inc. Acquires 64,932 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Envestnet Asset Management Inc. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.7% during the 4th quarter, HoldingsChannel reports. The fund owned 1,809,307 shares of the financial services provider’s stock after purchasing an additional 64,932 shares during the period. Envestnet Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $76,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Boston Common Asset Management LLC increased its position in shares of Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after purchasing an additional 34,203 shares during the last quarter. Boston Partners raised its stake in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. AMJ Financial Wealth Management lifted its holdings in shares of Fifth Third Bancorp by 4.2% in the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock worth $9,843,000 after acquiring an additional 9,401 shares during the last quarter. Banco Santander S.A. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $357,000. Finally, Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp during the 4th quarter valued at about $9,878,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Down 1.9 %

Fifth Third Bancorp stock opened at $33.42 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market cap of $22.33 billion, a P/E ratio of 10.64, a P/E/G ratio of 1.42 and a beta of 0.99. The business has a fifty day moving average of $40.84 and a two-hundred day moving average of $43.16. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp Dividend Announcement

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 dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent analyst reports. DA Davidson boosted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Citigroup decreased their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Robert W. Baird raised Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective on the stock in a research report on Monday. JPMorgan Chase & Co. decreased their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.12.

Insider Activity at Fifth Third Bancorp

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

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.