CANADA LIFE ASSURANCE Co Increases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

CANADA LIFE ASSURANCE Co boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 645,145 shares of the financial services provider's stock after purchasing an additional 30,483 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.10% of Fifth Third Bancorp worth $27,265,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock valued at $912,692,000 after purchasing an additional 812,385 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Fifth Third Bancorp by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock valued at $715,219,000 after buying an additional 285,910 shares during the period. Boston Partners lifted its stake in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after acquiring an additional 823,803 shares in the last quarter. Norges Bank purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $371,836,000. Finally, Franklin Resources Inc. grew its position in Fifth Third Bancorp by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 5,763,716 shares of the financial services provider's stock valued at $243,690,000 after acquiring an additional 287,342 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Activity at Fifth Third Bancorp

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

Fifth Third Bancorp Stock Performance

FITB traded down $0.39 during trading on Friday, hitting $35.40. The stock had a trading volume of 1,072,266 shares, compared to its average volume of 4,467,515. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The firm has a market capitalization of $23.65 billion, a P/E ratio of 11.28, a PEG ratio of 1.42 and a beta of 0.99. 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 company's 50-day moving average price is $38.43 and its 200 day moving average price is $42.45.

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

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FITB shares. Keefe, Bruyette & Woods dropped their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday. Royal Bank of Canada reiterated an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial lowered their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Stephens reaffirmed an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $46.24.

About Fifth Third Bancorp

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.