Caisse DE Depot ET Placement DU Quebec Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Caisse DE Depot ET Placement DU Quebec purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 157,412 shares of the financial services provider's stock, valued at approximately $6,655,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $371,836,000. PL Capital Advisors LLC lifted its position in shares of Fifth Third Bancorp by 4,128.0% during the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock valued at $78,654,000 after acquiring an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $53,508,000. First Trust Advisors LP raised its position in Fifth Third Bancorp by 12.1% during the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after acquiring an additional 1,027,044 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Fifth Third Bancorp during the fourth quarter worth $38,971,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. JPMorgan Chase & Co. reduced their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Citigroup lowered their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Truist Financial reduced their price target on 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. Finally, Piper Sandler reiterated an "overweight" rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $46.24.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded up $0.08 during trading hours on Wednesday, hitting $36.71. The stock had a trading volume of 2,532,365 shares, compared to its average volume of 4,457,467. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The stock's fifty day simple moving average is $37.29 and its 200 day simple moving average is $42.02. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.42 and a beta of 0.89. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Insiders Place Their Bets

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

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.