32,399 Fifth Third Bancorp $FITB Shares Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Fifth Third Bancorp stake by 379.7%, buying 32,399 shares in the third quarter and ending the period with 40,931 shares valued at about $2.07 million. Institutional investors own 83.79% of the bank’s stock.
• Fifth Third reported quarterly earnings of $1.13 per share, beating the $0.86 consensus, while revenue of $3.28 billion fell short of estimates. Revenue rose 42.4% year over year.
• The bank raised its quarterly dividend from $0.40 to $0.42 per share, equivalent to an annualized $1.68 and a 3.1% yield. Analysts’ average rating was “Moderate Buy,” with an average price target of $60.87.

International Assets Investment Management LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 379.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,931 shares of the financial services provider's stock after acquiring an additional 32,399 shares during the period. International Assets Investment Management LLC's holdings in Fifth Third Bancorp were worth $2,070,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Security National Bank of SO Dak acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at about $25,000. Essential Investment Partners LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $25,000. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $29,000. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp during the 1st quarter worth approximately $25,000. Finally, SouthState Bank Corp boosted its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after acquiring an additional 236 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Down 1.9%

Shares of NASDAQ:FITB opened at $53.93 on Wednesday. The business's 50 day moving average is $52.73 and its 200 day moving average is $52.09. Fifth Third Bancorp has a 12-month low of $40.68 and a 12-month high of $59.50. The stock has a market cap of $48.91 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 1.09 and a beta of 0.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. Fifth Third Bancorp's quarterly revenue was up 42.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.40. Fifth Third Bancorp's payout ratio is currently 57.53%.

Analyst Ratings Changes

FITB has been the subject of a number of research reports. Jefferies Financial Group reduced their price objective on Fifth Third Bancorp from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, September 24th. JPMorgan Chase & Co. upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday, October 30th. Truist Financial cut their target price on Fifth Third Bancorp from $64.00 to $63.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Citigroup lifted their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. Finally, TD Cowen began coverage on shares of Fifth Third Bancorp in a report on Thursday, October 8th. They set a "buy" rating and a $60.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $60.87.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares in the company, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.51% of the company's stock.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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