Fifth Third Bancorp Acquires 2,686 Shares of International Paper (NYSE:IP)

Fifth Third Bancorp lifted its stake in International Paper (NYSE:IP) by 16.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,376 shares of the basic materials company’s stock after purchasing an additional 2,686 shares during the quarter. Fifth Third Bancorp’s holdings in International Paper were worth $1,043,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brooklyn Investment Group purchased a new position in International Paper in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of International Paper in the third quarter worth $28,000. Legacy Investment Solutions LLC bought a new position in shares of International Paper during the third quarter valued at $28,000. Versant Capital Management Inc increased its holdings in International Paper by 313.3% in the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock worth $32,000 after buying an additional 448 shares in the last quarter. Finally, City State Bank raised its position in International Paper by 107.7% in the 4th quarter. City State Bank now owns 675 shares of the basic materials company’s stock worth $36,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

NYSE IP opened at $57.83 on Thursday. The business’s fifty day moving average is $56.19 and its 200 day moving average is $51.46. International Paper has a fifty-two week low of $32.70 and a fifty-two week high of $60.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market capitalization of $20.09 billion, a PE ratio of 49.43 and a beta of 1.03.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the company posted $0.64 EPS. The firm’s revenue was up 1.6% on a year-over-year basis. Sell-side analysts predict that International Paper will post 1.18 earnings per share for the current year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.20%. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IP. Truist Financial lifted their price target on shares of International Paper from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Royal Bank of Canada lifted their target price on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target on the stock. in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.99.

Insider Activity

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $58.39, for a total transaction of $35,034.00. Following the completion of the sale, the director now directly owns 37,145 shares of the company’s stock, valued at $2,168,896.55. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.55% of the company’s stock.

About International Paper

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.