Intact Investment Management Inc. Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Intact Investment Management Inc. purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 71,500 shares of the financial services provider's stock, valued at approximately $2,803,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners grew its holdings in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after purchasing an additional 823,803 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after purchasing an additional 438,446 shares in the last quarter. AMJ Financial Wealth Management grew its holdings in shares of Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after purchasing an additional 9,401 shares in the last quarter. Banco Santander S.A. purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $357,000. Finally, Fred Alger Management LLC grew its holdings in shares of Fifth Third Bancorp by 29.5% during the fourth quarter. Fred Alger Management LLC now owns 65,867 shares of the financial services provider's stock worth $2,809,000 after purchasing an additional 15,023 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Up 1.4%

Shares of NASDAQ:FITB traded up $0.56 during trading on Friday, reaching $39.34. 10,183,606 shares of the company traded hands, compared to its average volume of 4,504,741. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $26.26 billion, a price-to-earnings ratio of 12.49, a P/E/G ratio of 1.36 and a beta of 0.90. The business's fifty day moving average is $37.45 and its 200-day moving average is $40.27. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the company earned $0.70 earnings per share. As a group, analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.76%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Fifth Third Bancorp declared that its board has initiated a share repurchase program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FITB shares. Morgan Stanley cut their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Stephens reaffirmed an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.53.

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.