Canada Pension Plan Investment Board Acquires Shares of 636,400 Fifth Third Bancorp $FITB

Canada Pension Plan Investment Board bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, Holdings Channel.com reports. The fund bought 636,400 shares of the financial services provider’s stock, valued at approximately $35,874,000.

Other hedge funds have also modified their holdings of the company. Empowered Funds LLC grew its stake in Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP lifted its stake in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 759 shares during the last quarter. Brown Advisory Inc. grew its position in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 0.4%

Shares of NASDAQ FITB opened at $54.88 on Friday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $56.70 and a 200-day simple moving average of $52.00. The stock has a market capitalization of $49.77 billion, a PE ratio of 18.41, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is 54.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Evercore set a $60.00 target price on Fifth Third Bancorp in a research note on Monday, July 6th. Truist Financial lifted their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Bank of America upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Company 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.