Fifth Third Bancorp (NASDAQ:FITB) Position Boosted by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1,130.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,459,713 shares of the financial services provider’s stock after buying an additional 1,341,100 shares during the period. Canada Pension Plan Investment Board’s holdings in Fifth Third Bancorp were worth $37,894,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its position in Fifth Third Bancorp by 2.6% in the fourth quarter. Macquarie Group Ltd. now owns 430,550 shares of the financial services provider’s stock worth $11,612,000 after buying an additional 10,850 shares in the last quarter. Gulf International Bank UK Ltd raised its position in Fifth Third Bancorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 247,268 shares of the financial services provider’s stock worth $6,280,000 after buying an additional 3,100 shares in the last quarter. Quadrant Capital Group LLC raised its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares in the last quarter. Parametrica Management Ltd purchased a new position in Fifth Third Bancorp during the first quarter worth approximately $457,000. Finally, Fox Run Management L.L.C. purchased a new position in Fifth Third Bancorp during the first quarter worth approximately $439,000. 80.50% of the stock is currently owned by institutional investors.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.11 on Friday. The stock has a 50 day moving average of $26.26 and a 200 day moving average of $25.73. The firm has a market cap of $19.29 billion, a P/E ratio of 13.23 and a beta of 1.37. Fifth Third Bancorp has a 52 week low of $18.95 and a 52 week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 EPS. Analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.
Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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FITB has been the topic of a number of recent analyst reports. BMO Capital Markets reissued a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, April 25th. Royal Bank Of Canada reissued a “buy” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research report on Thursday, May 18th. TheStreet downgraded shares of Fifth Third Bancorp from a “b” rating to a “c+” rating in a research note on Friday, May 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $26.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Finally, Robert W. Baird upgraded shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a research note on Monday, June 5th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have issued a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and a consensus target price of $26.54.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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