iA Global Asset Management Inc. Buys 48,394 Shares of Fifth Third Bancorp (NASDAQ:FITB)

iA Global Asset Management Inc. boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 578.8% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,755 shares of the financial services provider's stock after acquiring an additional 48,394 shares during the quarter. iA Global Asset Management Inc.'s holdings in Fifth Third Bancorp were worth $2,400,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FITB. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $25,000. Sierra Ocean LLC purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $28,000. BankPlus Trust Department purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $29,000. Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp in the fourth quarter worth $33,000. Finally, Y.D. More Investments Ltd increased its stake in Fifth Third Bancorp by 118.5% in the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 449 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insiders Place Their Bets

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the business's 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 sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company's stock.

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Analyst Ratings Changes

Several brokerages have issued reports on FITB. Morgan Stanley dropped their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Piper Sandler reaffirmed an "overweight" rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Stephens reissued an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $46.86.

Fifth Third Bancorp Price Performance

Shares of FITB remained flat at $40.17 during mid-day trading on Wednesday. The stock had a trading volume of 2,936,509 shares, compared to its average volume of 4,230,018. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $26.84 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.42 and a beta of 1.21. The business has a 50-day simple moving average of $42.44 and a 200-day simple moving average of $43.56. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp's payout ratio is currently 47.13%.

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.