International Assets Investment Management LLC Buys New Shares in Fifth Third Bancorp (NASDAQ:FITB)

International Assets Investment Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 57,035 shares of the financial services provider's stock, valued at approximately $2,236,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 54.7% in the fourth quarter. Venturi Wealth Management LLC now owns 1,035 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 366 shares during the last quarter. Atria Wealth Solutions Inc. raised its stake in shares of Fifth Third Bancorp by 242.9% in the fourth quarter. Atria Wealth Solutions Inc. now owns 19,592 shares of the financial services provider's stock valued at $830,000 after buying an additional 13,878 shares during the period. Global Retirement Partners LLC lifted its position in shares of Fifth Third Bancorp by 20.6% during the 4th quarter. Global Retirement Partners LLC now owns 11,249 shares of the financial services provider's stock valued at $476,000 after buying an additional 1,924 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Fifth Third Bancorp by 33.4% during the 4th quarter. Concurrent Investment Advisors LLC now owns 6,697 shares of the financial services provider's stock valued at $283,000 after buying an additional 1,677 shares during the last quarter. Finally, ING Groep NV bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth $1,281,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FITB shares. Cowen began coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Stephens reiterated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Barclays dropped their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. Finally, Keefe, Bruyette & Woods reduced their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $41.51 on Friday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market cap of $27.71 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.43 and a beta of 0.90. The firm's fifty day moving average price is $38.09 and its 200-day moving average price is $40.16.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The business had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.57%. Fifth Third Bancorp's dividend payout ratio is 46.98%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

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.