National Bank of Canada FI Grows Position in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• National Bank of Canada FI increased its holdings in Fifth Third Bancorp by 78.9% during Q1, now owning approximately 0.07% of the company valued at $17.2 million.
• Fifth Third Bancorp announced a quarterly dividend of $0.37, resulting in an annual yield of 3.6%, with a dividend payout ratio of 45.96%.
• Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and an average price target of $47.80, reflecting recent upgrades and downgrades from various institutions.

National Bank of Canada FI grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 78.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 439,540 shares of the financial services provider's stock after purchasing an additional 193,826 shares during the quarter. National Bank of Canada FI owned approximately 0.07% of Fifth Third Bancorp worth $17,230,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Federated Hermes Inc. lifted its stake in Fifth Third Bancorp by 33.9% in the fourth quarter. Federated Hermes Inc. now owns 57,515 shares of the financial services provider's stock worth $2,432,000 after acquiring an additional 14,550 shares during the period. FIL Ltd lifted its stake in Fifth Third Bancorp by 92.3% in the fourth quarter. FIL Ltd now owns 19,422 shares of the financial services provider's stock worth $821,000 after acquiring an additional 9,321 shares during the period. Raymond James Financial Inc. purchased a new stake in Fifth Third Bancorp in the fourth quarter worth $38,971,000. Sterling Capital Management LLC lifted its stake in Fifth Third Bancorp by 53.7% in the fourth quarter. Sterling Capital Management LLC now owns 40,367 shares of the financial services provider's stock worth $1,707,000 after acquiring an additional 14,109 shares during the period. Finally, Sagespring Wealth Partners LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter worth $277,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.5%

Shares of NASDAQ:FITB traded up $0.20 on Thursday, hitting $43.18. 2,903,857 shares of the company traded hands, compared to its average volume of 4,999,708. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a 50 day simple moving average of $41.49 and a 200-day simple moving average of $39.97. The company has a market cap of $28.58 billion, a PE ratio of 13.41, a PEG ratio of 1.37 and a beta of 0.91.

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FITB shares. Truist Financial dropped 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, April 22nd. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Cowen initiated coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.80.

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.