Envestnet Portfolio Solutions Inc. Lowers Position in Fifth Third Bancorp $FITB

Envestnet Portfolio Solutions Inc. lessened its position in Fifth Third Bancorp (NASDAQ:FITB) by 55.6% in the fourth quarter, HoldingsChannel reports. The firm owned 26,925 shares of the financial services provider’s stock after selling 33,767 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Fifth Third Bancorp were worth $1,260,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Payden & Rygel lifted its stake in shares of Fifth Third Bancorp by 11.7% in the 4th quarter. Payden & Rygel now owns 272,000 shares of the financial services provider’s stock valued at $12,732,000 after purchasing an additional 28,400 shares during the period. Gamco Investors INC. ET AL lifted its stake in shares of Fifth Third Bancorp by 15.9% in the 4th quarter. Gamco Investors INC. ET AL now owns 27,281 shares of the financial services provider’s stock valued at $1,277,000 after purchasing an additional 3,736 shares during the period. North Dakota State Investment Board purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $1,069,000. Elyxium Wealth LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $77,000. Finally, Abacus Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $440,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.7%

Shares of NASDAQ:FITB opened at $49.48 on Friday. The stock has a fifty day simple moving average of $47.94 and a two-hundred day simple moving average of $47.94. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.01 and a beta of 0.94. Fifth Third Bancorp has a 12-month low of $36.64 and a 12-month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of research analyst reports. DA Davidson restated a “buy” rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Barclays raised their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Robert W. Baird lifted their price objective on Fifth Third Bancorp from $55.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Finally, Morgan Stanley lowered their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.19.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.