Integrated Investment Consultants LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Integrated Investment Consultants LLC has invested approximately $456,000 in Fifth Third Bancorp, acquiring 11,643 shares in the bank during the first quarter.
• The company recently declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend of $1.48 and a yield of 3.45%.
• Fifth Third Bancorp has initiated a stock buyback program authorizing the repurchase of 100 million shares, indicating confidence in the undervaluation of its stock.

Integrated Investment Consultants LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,643 shares of the financial services provider's stock, valued at approximately $456,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Meadow Creek Wealth Advisors LLC boosted its position in Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after purchasing an additional 300 shares during the period. Gotham Asset Management LLC boosted its position in Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after purchasing an additional 316 shares during the period. Summit Investment Advisors Inc. boosted its position in Fifth Third Bancorp by 0.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock worth $2,161,000 after purchasing an additional 322 shares during the period. Grove Bank & Trust boosted its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares during the period. Finally, Larson Financial Group LLC boosted its position in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded up $0.05 during trading on Wednesday, hitting $42.69. 795,962 shares of the company's stock were exchanged, compared to its average volume of 5,075,669. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market cap of $28.50 billion, a PE ratio of 13.26, a P/E/G ratio of 1.38 and a beta of 0.91. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock's 50 day moving average price is $40.67 and its two-hundred day moving average price is $40.10.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.47%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's payout ratio is 45.96%.

Fifth Third Bancorp declared that its Board of Directors has approved a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays reduced their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. reduced their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

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.