Apollon Wealth Management LLC Sells 2,616 Shares of Fifth Third Bancorp $FITB

Apollon Wealth Management LLC trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB) by 12.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,279 shares of the financial services provider’s stock after selling 2,616 shares during the period. Apollon Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $752,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moody National Bank Trust Division raised its holdings in shares of Fifth Third Bancorp by 1.5% during the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after acquiring an additional 271 shares during the last quarter. Commerce Bank increased its holdings in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after purchasing an additional 282 shares during the last quarter. BankPlus Trust Department increased its stake in Fifth Third Bancorp by 53.0% during the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 290 shares during the last quarter. Orca Wealth Management LLC increased its stake in Fifth Third Bancorp by 0.8% during the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after acquiring an additional 294 shares during the last quarter. Finally, Meadow Creek Wealth Advisors LLC increased its stake in Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 300 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler lowered their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Robert W. Baird lifted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, October 2nd. Stephens set a $52.00 price target on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday. Wolfe Research lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Finally, DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.35.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $42.92 on Thursday. The business’s 50 day simple moving average is $44.32 and its 200-day simple moving average is $40.79. The firm has a market capitalization of $28.41 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 1.18 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

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.