Icon Wealth Advisors LLC Purchases Shares of 12,637 Fifth Third Bancorp (NASDAQ:FITB)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $33,337,000. Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 3.7% during 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 during the last quarter. Millennium Management LLC boosted its holdings in Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider's stock valued at $23,678,000 after acquiring an additional 583,781 shares during the last quarter. Employees Retirement System of Texas increased its position in Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider's stock worth $52,323,000 after purchasing an additional 399,900 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider's stock valued at $371,837,000 after purchasing an additional 399,827 shares during the period. 83.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FITB shares. Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an "in-line" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research report on Friday. Barclays upped 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. Finally, Baird R W cut Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp has an average rating of "Hold" and a consensus target price of $43.62.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares of the company's stock, valued at $4,805,724. This represents a 14.88 % 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.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded up $0.78 during midday trading on Friday, hitting $47.90. The company had a trading volume of 3,842,737 shares, compared to its average volume of 4,301,183. The company has a market capitalization of $32.12 billion, a PE ratio of 15.91, a P/E/G ratio of 2.26 and a beta of 1.21. Fifth Third Bancorp has a twelve month low of $26.89 and a twelve month high of $48.10. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average price of $44.17 and a 200-day moving average price of $40.71.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. The company's quarterly revenue was up 1.2% on a year-over-year basis. As a group, analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.09%. Fifth Third Bancorp's dividend payout ratio is presently 49.17%.

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.