Icon Wealth Advisors LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Icon Wealth Advisors LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,637 shares of the financial services provider’s stock, valued at approximately $541,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after acquiring an additional 732,651 shares in the last quarter. Trustmark National Bank Trust Department boosted its stake in Fifth Third Bancorp by 26.6% in the 3rd quarter. Trustmark National Bank Trust Department now owns 23,399 shares of the financial services provider’s stock worth $1,002,000 after purchasing an additional 4,916 shares during the period. First Horizon Advisors Inc. grew its position in Fifth Third Bancorp by 22.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 4,951 shares of the financial services provider’s stock worth $212,000 after purchasing an additional 909 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Fifth Third Bancorp by 2.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,137 shares of the financial services provider’s stock worth $2,234,000 after purchasing an additional 1,216 shares in the last quarter. Finally, Premier Fund Managers Ltd acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at $6,901,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $47.90 on Friday. Fifth Third Bancorp has a 12 month low of $26.89 and a 12 month high of $48.10. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $32.12 billion, a P/E ratio of 15.91, a P/E/G ratio of 2.26 and a beta of 1.21. The business’s 50 day moving average is $44.17 and its two-hundred day moving average is $40.71.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.09%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 14.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FITB. Evercore ISI lifted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays increased their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $43.62.

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.