Canada Pension Plan Investment Board Reduces Position in Fifth Third Bancorp (NASDAQ:FITB)

Canada Pension Plan Investment Board decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 302,357 shares of the financial services provider's stock after selling 15,884 shares during the period. Canada Pension Plan Investment Board's holdings in Fifth Third Bancorp were worth $12,784,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC lifted its stake in Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider's stock worth $13,079,000 after purchasing an additional 34,203 shares in the last quarter. Boston Partners increased its stake in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after acquiring an additional 823,803 shares during the last quarter. AMJ Financial Wealth Management boosted its position in shares of Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock valued at $9,843,000 after acquiring an additional 9,401 shares during the last quarter. Banco Santander S.A. bought a new stake in Fifth Third Bancorp in the fourth quarter worth $357,000. Finally, Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp during the fourth quarter valued at $9,878,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock traded down $0.51 during trading hours on Friday, hitting $35.28. The company's stock had a trading volume of 3,214,969 shares, compared to its average volume of 5,236,120. The stock has a market cap of $23.57 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a 50 day moving average of $38.43 and a 200 day moving average of $42.45. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period last year, the firm earned $0.70 EPS. On average, sell-side analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's payout ratio is presently 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective on the stock in a research note on Monday, April 7th. Truist Financial dropped their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday. Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Morgan Stanley cut their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. cut their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $46.24.

Insiders Place Their Bets

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

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.