Fifth Third Bancorp (FITB) Position Boosted by Bank of Montreal Can
Bank of Montreal Can increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 83.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,058,088 shares of the financial services provider’s stock after acquiring an additional 1,388,121 shares during the period. Bank of Montreal Can’s holdings in Fifth Third Bancorp were worth $92,783,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Horan Capital Advisors LLC. purchased a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $102,000. Valeo Financial Advisors LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $119,000. Sun Life Financial INC grew its position in Fifth Third Bancorp by 55,050.0% in the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 5,505 shares during the period. HighPoint Advisor Group LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $202,000. Finally, Regentatlantic Capital LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $205,000. Institutional investors own 83.86% of the company’s stock.
FITB has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Monday, September 25th. Deutsche Bank reaffirmed a “hold” rating and issued a $27.00 target price (up previously from $24.00) on shares of Fifth Third Bancorp in a research report on Tuesday, September 26th. Nomura lifted their target price on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. Instinet reaffirmed a “neutral” rating and issued a $29.00 target price (up previously from $28.00) on shares of Fifth Third Bancorp in a research report on Saturday, September 30th. Finally, Robert W. Baird downgraded shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 target price for the company. in a research report on Monday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.33.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, hitting the consensus estimate of $0.48. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. During the same quarter in the prior year, the firm posted $0.65 EPS. analysts expect that Fifth Third Bancorp will post 1.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, December 28th. Fifth Third Bancorp’s dividend payout ratio is currently 24.15%.
In related news, EVP Timothy Spence sold 15,000 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $28.86, for a total value of $432,900.00. Following the completion of the transaction, the executive vice president now owns 154,577 shares of the company’s stock, valued at approximately $4,461,092.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.38% of the company’s stock.
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Fifth Third Bancorp Company Profile
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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