Intact Investment Management Inc. Acquires New Position in Fifth Third Bancorp (NASDAQ:FITB)

Intact Investment Management Inc. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the first quarter, Holdings Channel.com reports. The fund acquired 71,500 shares of the financial services provider’s stock, valued at approximately $2,803,000.

Other hedge funds have also recently modified their holdings of the company. BankPlus Trust Department purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. Midwest Capital Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $33,000. REAP Financial Group LLC grew its holdings in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 487 shares during the period. Finally, Grove Bank & Trust lifted its position in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after buying an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Truist Financial decreased their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a research report on Monday, April 7th. Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Finally, DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $47.53.

Fifth Third Bancorp Stock Up 1.4%

Fifth Third Bancorp stock opened at $39.34 on Friday. The firm has a market capitalization of $26.26 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.36 and a beta of 0.90. The stock’s fifty day simple moving average is $37.45 and its 200-day simple moving average is $40.32. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the company posted $0.70 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.76%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

Fifth Third Bancorp declared that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp 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.