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

National Bank of Canada FI lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 149.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 482,454 shares of the financial services provider’s stock after buying an additional 289,316 shares during the period. National Bank of Canada FI’s holdings in Fifth Third Bancorp were worth $20,668,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Venturi Wealth Management LLC raised its position in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 316 shares during the last quarter. American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp in the second quarter worth approximately $34,000. Hexagon Capital Partners LLC grew its stake in shares of Fifth Third Bancorp by 56.9% during the 3rd 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 period. MidAtlantic Capital Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 3rd quarter worth about $39,000. Finally, Family Firm Inc. acquired a new position in Fifth Third Bancorp during the second quarter valued at approximately $52,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB stock opened at $46.53 on Tuesday. The firm has a market cap of $31.20 billion, a PE ratio of 15.46, a P/E/G ratio of 2.26 and a beta of 1.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The business’s 50-day moving average price is $45.23 and its two-hundred day moving average price is $41.45. Fifth Third Bancorp has a 1-year low of $30.47 and a 1-year high of $49.07.

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

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.18%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s payout ratio is 49.17%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the business’s 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 $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FITB. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Barclays lifted their target price on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $44.81.

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.