Fifth Third Bancorp $FITB Shares Acquired by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts LLC increased its holdings in Fifth Third Bancorp (FITB) by 32.4%, owning 27,760 shares valued at approximately $1,088,000.
• The company announced a share repurchase plan allowing for the repurchase of 100 million shares, indicating the board's belief that the company's shares may be undervalued.
• Several analysts have upgraded their ratings for FITB, with a consensus target price of $47.80 and the stock receiving an average rating of "Moderate Buy".

Integrated Wealth Concepts LLC lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 32.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,760 shares of the financial services provider's stock after buying an additional 6,799 shares during the period. Integrated Wealth Concepts LLC's holdings in Fifth Third Bancorp were worth $1,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in FITB. Focus Partners Wealth increased its holdings in Fifth Third Bancorp by 4.3% in the 4th quarter. Focus Partners Wealth now owns 133,986 shares of the financial services provider's stock valued at $5,667,000 after purchasing an additional 5,547 shares during the last quarter. Gotham Asset Management LLC increased its holdings in Fifth Third Bancorp by 2.3% in the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after purchasing an additional 316 shares during the last quarter. NorthRock Partners LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at approximately $457,000. Nomura Holdings Inc. acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth $934,000. Finally, Man Group plc grew its stake in shares of Fifth Third Bancorp by 36.5% in the fourth quarter. Man Group plc now owns 72,395 shares of the financial services provider's stock worth $3,061,000 after acquiring an additional 19,371 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $45.51 on Thursday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market cap of $30.12 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.44 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a fifty day moving average price of $43.40 and a 200 day moving average price of $40.06.

Fifth Third Bancorp announced that its Board of Directors has approved a share repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

FITB has been the subject of several research reports. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their price target for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective for the company. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen started coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.80.

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.

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