International Assets Investment Management LLC Buys 23,753 Shares of Fifth Third Bancorp $FITB

Key Points

• International Assets Investment Management increased its stake in Fifth Third Bancorp by 258.5% in the fourth quarter, buying 23,753 additional shares to bring its total to 32,943 shares worth about $1.54 million.
• Fifth Third Bancorp reported better-than-expected earnings for the latest quarter, posting $0.83 EPS versus analysts’ estimate of a loss, though revenue came in slightly below expectations at $2.83 billion.
• The bank also paid a quarterly dividend of $0.40 per share, implying an annualized yield of about 3.2%, while analysts currently rate the stock a Moderate Buy with an average price target of $57.19.

International Assets Investment Management LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 258.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,943 shares of the financial services provider's stock after purchasing an additional 23,753 shares during the quarter. International Assets Investment Management LLC's holdings in Fifth Third Bancorp were worth $1,542,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Capital World Investors grew its holdings in shares of Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider's stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider's stock valued at $945,556,000 after purchasing an additional 546,914 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock valued at $714,457,000 after purchasing an additional 2,293,939 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Fifth Third Bancorp by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock valued at $353,354,000 after purchasing an additional 690,648 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Down 0.7%

Shares of NASDAQ FITB opened at $49.33 on Friday. The company has a market capitalization of $44.71 billion, a P/E ratio of 16.55, a price-to-earnings-growth ratio of 1.02 and a beta of 0.94. Fifth Third Bancorp has a 52-week low of $36.64 and a 52-week high of $55.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company's 50 day moving average price is $48.03 and its 200-day moving average price is $47.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the previous year, the company earned $0.71 EPS. Equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp's payout ratio is 53.69%.

Insider Buying and Selling

In other news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

FITB has been the topic of several recent research reports. Morgan Stanley cut their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 21st. Argus lifted their target price on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Weiss Ratings downgraded shares of Fifth Third Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday. Finally, Janney Montgomery Scott lifted their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a "buy" rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $57.19.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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