iA Global Asset Management Inc. Has $2.50 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• iA Global Asset Management Inc. increased its holdings in Fifth Third Bancorp by 12.5% in the first quarter, acquiring an additional 7,107 shares, bringing its total investment to approximately $2.5 million.
• Fifth Third Bancorp recently disclosed a quarterly dividend of $0.37 per share, translating to an annualized yield of 3.6%, and announced a share buyback program allowing for the repurchase of up to 100 million shares.
• Analysts have mixed ratings for Fifth Third Bancorp, with a consensus of "Moderate Buy" and an average price target of $47.80, despite several price target reductions by various financial institutions.

iA Global Asset Management Inc. lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,862 shares of the financial services provider's stock after acquiring an additional 7,107 shares during the quarter. iA Global Asset Management Inc.'s holdings in Fifth Third Bancorp were worth $2,503,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FITB. Envestnet Asset Management Inc. lifted its holdings in Fifth Third Bancorp by 3.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,809,307 shares of the financial services provider's stock worth $76,498,000 after buying an additional 64,932 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Fifth Third Bancorp by 33.9% during the 4th quarter. Federated Hermes Inc. now owns 57,515 shares of the financial services provider's stock worth $2,432,000 after buying an additional 14,550 shares in the last quarter. Cerity Partners LLC lifted its holdings in Fifth Third Bancorp by 0.5% during the 4th quarter. Cerity Partners LLC now owns 281,983 shares of the financial services provider's stock worth $11,935,000 after buying an additional 1,366 shares in the last quarter. FIL Ltd lifted its holdings in Fifth Third Bancorp by 92.3% during the 4th quarter. FIL Ltd now owns 19,422 shares of the financial services provider's stock worth $821,000 after buying an additional 9,321 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in Fifth Third Bancorp by 3.2% during the 4th quarter. Bank of Nova Scotia now owns 89,706 shares of the financial services provider's stock worth $3,793,000 after buying an additional 2,752 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FITB has been the topic of several research reports. Truist Financial reduced their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Keefe, Bruyette & Woods cut their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Cowen initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Barclays cut their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.80.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $41.25 on Thursday. The company has a market capitalization of $27.53 billion, a PE ratio of 12.81, a PEG ratio of 1.34 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock's fifty day simple moving average is $41.14 and its 200 day simple moving average is $40.05.

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 paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

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

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.

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