ICONIQ Capital LLC Makes New Investment in Fifth Third Bancorp $FITB

Key Points

• ICONIQ Capital LLC has acquired a new stake in Fifth Third Bancorp, purchasing 5,667 shares valued at approximately $222,000 in the first quarter.
• Several institutional investors increased their positions significantly in Fifth Third Bancorp, with Jump Financial LLC raising its holdings by 382.2% during the same period.
• Fifth Third Bancorp has also launched a stock repurchase plan allowing the company to buy back 100 million shares, indicating confidence from its board in the company's valuation.

ICONIQ Capital LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,667 shares of the financial services provider's stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Jump Financial LLC raised its holdings in Fifth Third Bancorp by 382.2% in the first quarter. Jump Financial LLC now owns 30,049 shares of the financial services provider's stock valued at $1,178,000 after acquiring an additional 23,817 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Fifth Third Bancorp by 5.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 56,689 shares of the financial services provider's stock valued at $2,222,000 after purchasing an additional 2,799 shares during the last quarter. AlphaQuest LLC increased its position in shares of Fifth Third Bancorp by 234.3% in the 1st quarter. AlphaQuest LLC now owns 71,834 shares of the financial services provider's stock valued at $2,816,000 after purchasing an additional 50,348 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in shares of Fifth Third Bancorp by 11.6% in the 1st quarter. Kestra Advisory Services LLC now owns 83,986 shares of the financial services provider's stock valued at $3,292,000 after purchasing an additional 8,699 shares in the last quarter. Finally, Allstate Corp lifted its position in shares of Fifth Third Bancorp by 117.0% during the 1st quarter. Allstate Corp now owns 43,005 shares of the financial services provider's stock worth $1,686,000 after purchasing an additional 23,190 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FITB shares. TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price on the stock. Cowen started coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Jefferies Financial Group began 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, Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Stock Down 1.0%

Shares of NASDAQ FITB opened at $44.36 on Tuesday. The business has a 50-day moving average price of $42.18 and a 200 day moving average price of $39.86. The stock has a market cap of $29.36 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.45 and a beta of 0.91. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.

Fifth Third Bancorp announced that its board has approved a stock 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

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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