Fifth Third Bancorp $FITB Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 56.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 168,724 shares of the financial services provider’s stock after acquiring an additional 60,646 shares during the period. CIBC Asset Management Inc’s holdings in Fifth Third Bancorp were worth $7,898,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Bahl & Gaynor Inc. grew its position in Fifth Third Bancorp by 18.0% in the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after purchasing an additional 24,566 shares during the period. Envestnet Asset Management Inc. grew its position in Fifth Third Bancorp by 2.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after purchasing an additional 48,080 shares during the period. Nordea Investment Management AB grew its position in Fifth Third Bancorp by 3.2% in the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after purchasing an additional 39,261 shares during the period. Westfield Capital Management Co. LP grew its position in Fifth Third Bancorp by 26.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after purchasing an additional 340,030 shares during the period. Finally, Barclays PLC grew its position in Fifth Third Bancorp by 27.0% in the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock worth $175,850,000 after purchasing an additional 840,094 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $52.01 on Friday. Fifth Third Bancorp has a 52 week low of $37.86 and a 52 week high of $55.44. The business’s 50 day moving average price is $49.08 and its 200 day moving average price is $48.47. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $47.14 billion, a P/E ratio of 17.45, a P/E/G ratio of 1.06 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the business posted $0.71 EPS. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 53.69%.

Insider Activity

In related news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction on Monday, April 20th. The stock was 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. This represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays upped their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Wolfe Research reduced their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.19.

Fifth Third Bancorp 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.