Fifth Third Bancorp $FITB Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,100 shares of the financial services provider’s stock after selling 17,300 shares during the period. Intact Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $4,779,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FITB. Bank of America Corp DE boosted its stake in shares of Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after acquiring an additional 2,293,939 shares in the last quarter. Capital World Investors increased its stake in Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares in the last quarter. Barclays PLC increased its stake 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 valued at $175,850,000 after purchasing an additional 840,094 shares in the last quarter. OFI Invest Asset Management raised its holdings in Fifth Third Bancorp by 3,240.8% during the fourth quarter. OFI Invest Asset Management now owns 814,292 shares of the financial services provider’s stock worth $38,117,000 after purchasing an additional 789,918 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Fifth Third Bancorp by 251.0% during the second quarter. Treasurer of the State of North Carolina now owns 1,085,063 shares of the financial services provider’s stock worth $44,629,000 after purchasing an additional 775,888 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Argus upped their target price on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Evercore raised their price target on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Citigroup raised their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Wolfe Research dropped their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.19.

Insider Transactions at Fifth Third Bancorp

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

Fifth Third Bancorp Trading Down 2.0%

Shares of FITB stock opened at $49.40 on Tuesday. Fifth Third Bancorp has a fifty-two week low of $36.55 and a fifty-two week high of $55.44. The stock has a market cap of $44.73 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.03 and a beta of 0.94. The business has a fifty day simple moving average of $48.11 and a 200-day simple moving average of $47.31. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter last year, the business posted $0.71 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 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.