Integrated Wealth Concepts LLC Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Posted by Defense World Staff on Jun 10th, 2023

Fifth Third Bancorp logo Integrated Wealth Concepts LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,607 shares of the financial services provider’s stock after purchasing an additional 2,334 shares during the period. Integrated Wealth Concepts LLC’s holdings in Fifth Third Bancorp were worth $611,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Mirova grew its position in Fifth Third Bancorp by 51.6% in the 4th quarter. Mirova now owns 12,162 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 4,138 shares during the period. USS Investment Management Ltd grew its position in Fifth Third Bancorp by 17.7% in the 4th quarter. USS Investment Management Ltd now owns 198,977 shares of the financial services provider’s stock worth $6,527,000 after purchasing an additional 29,903 shares during the period. Wells Fargo & Company MN grew its position in Fifth Third Bancorp by 6.6% in the 4th quarter. Wells Fargo & Company MN now owns 718,696 shares of the financial services provider’s stock worth $23,580,000 after purchasing an additional 44,795 shares during the period. Heritage Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 100.0% during the 4th quarter. Heritage Wealth Management LLC now owns 1,048 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 524 shares during the period. Finally, Barclays PLC grew its position in shares of Fifth Third Bancorp by 16.9% during the 4th quarter. Barclays PLC now owns 1,383,897 shares of the financial services provider’s stock valued at $45,404,000 after acquiring an additional 199,713 shares during the period. Institutional investors own 80.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FITB shares. StockNews.com raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. DA Davidson cut their price objective on shares of Fifth Third Bancorp from $31.00 to $30.00 in a research report on Monday, April 24th. UBS Group raised their price target on Fifth Third Bancorp from $29.00 to $31.00 in a report on Sunday, April 23rd. JPMorgan Chase & Co. dropped their price objective on Fifth Third Bancorp from $37.50 to $32.50 and set a “neutral” rating for the company in a research note on Monday, April 10th. Finally, Citigroup decreased their target price on Fifth Third Bancorp from $40.00 to $30.00 in a research note on Monday, April 24th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $26.41 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market capitalization of $17.98 billion, a P/E ratio of 7.63, a P/E/G ratio of 0.95 and a beta of 1.18. The company’s 50-day simple moving average is $25.65 and its two-hundred day simple moving average is $30.70. Fifth Third Bancorp has a one year low of $22.11 and a one year high of $38.06.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Fifth Third Bancorp had a return on equity of 16.28% and a net margin of 24.39%. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the previous year, the company posted $0.69 EPS. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.47 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 17th. Investors of record on Friday, March 31st were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $1.32 dividend on an annualized basis and a yield of 5.00%. Fifth Third Bancorp’s payout ratio is 38.15%.

Insider Activity at Fifth Third Bancorp

In other news, Director Evan Bayh bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was bought at an average price of $24.82 per share, with a total value of $124,100.00. Following the completion of the transaction, the director now directly owns 73,700 shares of the company’s stock, valued at approximately $1,829,234. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fifth Third Bancorp news, Director Gary R. Heminger acquired 33,000 shares of the business’s stock in a transaction dated Monday, March 13th. The shares were purchased at an average price of $26.82 per share, for a total transaction of $885,060.00. Following the completion of the purchase, the director now directly owns 127,043 shares of the company’s stock, valued at $3,407,293.26. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Evan Bayh purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were purchased at an average price of $24.82 per share, for a total transaction of $124,100.00. Following the transaction, the director now owns 73,700 shares of the company’s stock, valued at approximately $1,829,234. The disclosure for this purchase can be found here. 0.66% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Profile

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.