Caisse de depot et placement du Quebec Acquires Shares of 1,840,161 Fifth Third Bancorp $FITB

Caisse de depot et placement du Quebec bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,840,161 shares of the financial services provider's stock, valued at approximately $103,730,000. Caisse de depot et placement du Quebec owned approximately 0.20% of Fifth Third Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Center for Financial Planning Inc. purchased a new position in Fifth Third Bancorp during the first quarter worth about $25,000. SouthState Bank Corp increased its stake in Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after buying an additional 236 shares during the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $29,000. Finally, Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank Of Canada increased their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research report on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Bank of America lifted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Robert W. Baird increased their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $55.22 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $56.66 and a two-hundred day simple moving average of $52.00. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The firm has a market cap of $50.08 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business's quarterly revenue was up 45.8% compared to the same quarter last year. Analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp's dividend payout ratio is 54.61%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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