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

International Assets Investment Management LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 57,035 shares of the financial services provider's stock, valued at approximately $2,236,000.

Several other large investors have also recently added to or reduced their stakes in FITB. Family Legacy Inc. lifted its position in shares of Fifth Third Bancorp by 14.0% in the 1st quarter. Family Legacy Inc. now owns 16,915 shares of the financial services provider's stock worth $663,000 after buying an additional 2,071 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Fifth Third Bancorp by 4.0% during the first quarter. Asset Management One Co. Ltd. now owns 276,137 shares of the financial services provider's stock worth $10,825,000 after acquiring an additional 10,515 shares during the period. Valmark Advisers Inc. lifted its holdings in Fifth Third Bancorp by 2.6% in the first quarter. Valmark Advisers Inc. now owns 17,029 shares of the financial services provider's stock worth $668,000 after acquiring an additional 432 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Fifth Third Bancorp by 2.2% in the first quarter. Oppenheimer & Co. Inc. now owns 75,261 shares of the financial services provider's stock valued at $2,950,000 after acquiring an additional 1,629 shares during the period. Finally, HWG Holdings LP bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $27,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 1.1%

Shares of NASDAQ:FITB traded up $0.44 during midday trading on Tuesday, hitting $40.59. 7,211,985 shares of the stock were exchanged, compared to its average volume of 4,530,629. The business's fifty day simple moving average is $37.56 and its two-hundred day simple moving average is $40.22. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market capitalization of $27.09 billion, a PE ratio of 12.89, a P/E/G ratio of 1.36 and a beta of 0.90.

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

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of analyst reports. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Truist Financial lowered their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $47.53.

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.