Canada Pension Plan Investment Board Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Canada Pension Plan Investment Board decreased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 302,357 shares of the financial services provider's stock after selling 15,884 shares during the quarter. Canada Pension Plan Investment Board's holdings in Fifth Third Bancorp were worth $12,784,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $371,836,000. PL Capital Advisors LLC grew its holdings in 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 worth $78,654,000 after acquiring an additional 1,816,320 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in Fifth Third Bancorp in the 4th quarter valued at $53,508,000. Raymond James Financial Inc. bought a new stake in Fifth Third Bancorp during the 4th quarter worth about $38,971,000. Finally, Boston Partners boosted its stake in Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after acquiring an additional 823,803 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FITB. Truist Financial lowered their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research note on Tuesday. Wells Fargo & Company lowered their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. DA Davidson decreased their price target on Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $46.24.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were 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 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 the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction on 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 directly owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % 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 corporate insiders.

Fifth Third Bancorp Trading Down 1.4 %

Fifth Third Bancorp stock traded down $0.50 during trading hours on Friday, reaching $35.28. 3,219,995 shares of the company's stock were exchanged, compared to its average volume of 4,482,527. The firm has a market capitalization of $23.57 billion, a PE ratio of 11.24, a PEG ratio of 1.42 and a beta of 0.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm's 50 day simple moving average is $38.25 and its 200 day simple moving average is $42.41. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. Research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.20%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

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.