Cibc World Market Inc. Invests $12.25 Million in Fifth Third Bancorp $FITB

Key Points

• CIBC World Market acquired 217,331 shares of Fifth Third Bancorp worth approximately $12.25 million during the second quarter. Institutional investors collectively own 83.79% of the company’s stock.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54, compared with the stock’s reported price of $54.91.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed estimates. The company also paid a quarterly dividend of $0.40 per share, representing a 2.9% yield.

Cibc World Market Inc. acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 217,331 shares of the financial services provider's stock, valued at approximately $12,251,000.

Several other hedge funds have also recently bought and sold shares of FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp boosted its position in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the 4th quarter valued at $30,000. 83.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on FITB. Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday, July 6th. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Citigroup increased their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.54.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $54.91 on Tuesday. The stock's 50-day moving average price is $56.58 and its two-hundred day moving average price is $51.98. 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 company has a market cap of $49.80 billion, a PE ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50.

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

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp Profile

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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