Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 6.3% during the third quarter, Holdings Channel reports. The firm owned 115,625 shares of the financial services provider’s stock after acquiring an additional 6,864 shares during the quarter. CIBC Asset Management Inc’s holdings in Fifth Third Bancorp were worth $4,953,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Capital World Investors raised its stake in shares of Fifth Third Bancorp by 13.4% in the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after acquiring an additional 5,512,333 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at $33,337,000. Millennium Management LLC raised its stake in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares in the last quarter. Employees Retirement System of Texas raised its stake in shares of Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after acquiring an additional 399,900 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after acquiring an additional 399,827 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $46.99 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $31.51 billion, a P/E ratio of 15.61, a PEG ratio of 2.25 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $26.89 and a 52 week high of $48.10. The company has a 50-day moving average price of $43.61 and a 200 day moving average price of $40.41.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. Research analysts predict that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. This trade represents a 14.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FITB shares. Argus increased their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday. Bank of America increased their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Evercore ISI raised their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $43.09.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.