Apollon Wealth Management LLC Purchases 4,251 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Apollon Wealth Management LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 13.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,052 shares of the financial services provider’s stock after buying an additional 4,251 shares during the quarter. Apollon Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $1,502,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FITB. Capital World Investors raised its stake in shares of Fifth Third Bancorp by 13.4% in the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after buying an additional 5,512,333 shares during the period. Jupiter Asset Management Ltd. bought a new stake in shares of Fifth Third Bancorp in the second quarter valued at $33,337,000. Millennium Management LLC raised its stake in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after buying an additional 583,781 shares during the period. Employees Retirement System of Texas raised its stake in shares of Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after buying an additional 399,900 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after buying an additional 399,827 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 14.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1 %

Shares of FITB stock opened at $47.26 on Friday. The stock has a market capitalization of $31.69 billion, a PE ratio of 15.70, a P/E/G ratio of 2.26 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $26.63 and a 1-year high of $48.10. The business has a 50-day moving average of $43.38 and a 200 day moving average of $40.24. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the business posted $0.92 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.13%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FITB shares. Morgan Stanley lifted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Barclays lifted their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Argus lifted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Bank of America lifted their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Royal Bank of Canada lifted their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $42.28.

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.