Fifth Third Bancorp $FITB Shares Purchased by Canada Post Corp Registered Pension Plan

Canada Post Corp Registered Pension Plan raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 84.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 24,113 shares of the financial services provider’s stock after acquiring an additional 11,031 shares during the quarter. Canada Post Corp Registered Pension Plan’s holdings in Fifth Third Bancorp were worth $1,129,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FITB. Westside Investment Management Inc. grew its position in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 292 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 517 shares in the last quarter. United Community Bank grew its position in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 581 shares in the last quarter. Quest 10 Wealth Builders Inc. grew its position in Fifth Third Bancorp by 619.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 632 shares in the last quarter. Finally, Salomon & Ludwin LLC grew its position in Fifth Third Bancorp by 77.6% in the 4th quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 322 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FITB shares. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Wolfe Research dropped their target price 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. TD Cowen reaffirmed a “buy” rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.19.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was 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 owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was 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 approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $47.94 on Tuesday. Fifth Third Bancorp has a one year low of $36.64 and a one year high of $55.44. The company has a market cap of $43.45 billion, a PE ratio of 16.09, a P/E/G ratio of 0.97 and a beta of 0.94. 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 business has a 50-day simple moving average of $47.76 and a 200-day simple moving average of $47.79.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.87. 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 the consensus estimate of $2.91 billion. During the same period in the previous year, the company posted $0.71 earnings per share. On average, equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

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.