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

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quent Capital LLC boosted its stake in shares of Fifth Third Bancorp by 9.9% in the 3rd quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock worth $118,000 after buying an additional 248 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Fifth Third Bancorp by 2.6% in the 3rd quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock worth $433,000 after buying an additional 259 shares during the last quarter. Bailard Inc. boosted its stake in shares of Fifth Third Bancorp by 0.5% in the 2nd quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock worth $1,885,000 after buying an additional 264 shares during the last quarter. Lockerman Financial Group Inc. boosted its stake in shares of Fifth Third Bancorp by 3.9% in the 3rd quarter. Lockerman Financial Group Inc. now owns 6,985 shares of the financial services provider’s stock worth $299,000 after buying an additional 264 shares during the last quarter. Finally, Ballentine Partners LLC boosted its stake in shares of Fifth Third Bancorp by 2.0% in the 2nd quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock worth $513,000 after buying an additional 278 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The trade was a 14.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following 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 disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Argus lifted their target price 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. Morgan Stanley lifted their target price 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. Finally, Royal Bank of Canada boosted their price objective 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 analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $42.28.

Fifth Third Bancorp Trading Up 0.1 %

Shares of NASDAQ FITB opened at $47.26 on Friday. The business’s 50 day moving average is $43.38 and its two-hundred day moving average is $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 has a 1-year low of $26.63 and a 1-year high of $48.10. The stock has a market capitalization of $31.69 billion, a P/E ratio of 15.70, a PEG ratio of 2.26 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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 company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the firm earned $0.92 earnings per share. The company’s revenue was up 1.2% compared to the same quarter last year. As a group, research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.13%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 49.17%.

About Fifth Third Bancorp

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.