National Bank of Canada FI Raises Holdings in Fifth Third Bancorp (NASDAQ:FITB)

National Bank of Canada FI grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 149.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 482,454 shares of the financial services provider's stock after acquiring an additional 289,316 shares during the period. National Bank of Canada FI owned about 0.07% of Fifth Third Bancorp worth $20,668,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp in the second quarter valued at about $34,000. Hexagon Capital Partners LLC raised its position in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider's stock valued at $37,000 after buying an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at about $39,000. Finally, Family Firm Inc. purchased a new position in shares of Fifth Third Bancorp in the second quarter valued at $52,000. Institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

FITB has been the subject of several recent research reports. StockNews.com lowered Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Piper Sandler raised their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Baird R W lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, October 21st. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. Finally, Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $44.81.

Fifth Third Bancorp Stock Performance

FITB traded down $0.14 on Tuesday, reaching $46.39. 4,249,141 shares of the stock were exchanged, compared to its average volume of 4,536,698. The company's 50-day moving average price is $45.23 and its 200 day moving average price is $41.45. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $31.11 billion, a PE ratio of 15.41, a PEG ratio of 2.26 and a beta of 1.22. Fifth Third Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The business had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm's revenue was up 1.2% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.19%. Fifth Third Bancorp's dividend payout ratio is presently 49.17%.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value 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. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% 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.