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

CIBC Asset Management Inc grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 56.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 168,724 shares of the financial services provider’s stock after buying an additional 60,646 shares during the quarter. CIBC Asset Management Inc’s holdings in Fifth Third Bancorp were worth $7,898,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Mccarter Private Wealth Services LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $206,000. Bank of New York Mellon Corp grew its position in shares of Fifth Third Bancorp by 26.3% in the 4th quarter. Bank of New York Mellon Corp now owns 4,978,104 shares of the financial services provider’s stock valued at $233,025,000 after buying an additional 1,037,746 shares during the last quarter. Natixis Advisors LLC grew its position in shares of Fifth Third Bancorp by 1.7% in the 4th quarter. Natixis Advisors LLC now owns 674,312 shares of the financial services provider’s stock valued at $31,565,000 after buying an additional 11,341 shares during the last quarter. Vantus Wealth LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $238,000. Finally, Root Financial Partners LLC grew its position in shares of Fifth Third Bancorp by 32.6% in the 4th quarter. Root Financial Partners LLC now owns 3,623 shares of the financial services provider’s stock valued at $170,000 after buying an additional 891 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent analyst reports. Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, April 21st. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Robert W. Baird raised their price objective on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Barclays raised their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.19.

Fifth Third Bancorp Stock Up 0.4%

Fifth Third Bancorp stock opened at $52.01 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $47.14 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. Fifth Third Bancorp has a fifty-two week low of $37.86 and a fifty-two week high of $55.44. The stock’s fifty day moving average is $49.08 and its two-hundred day moving average is $48.47.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business posted $0.71 earnings per share. Analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Fifth Third Bancorp Company 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.