Fifth Third Bancorp (NASDAQ:FITB) Position Raised by iA Global Asset Management Inc.

iA Global Asset Management Inc. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 578.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,755 shares of the financial services provider’s stock after purchasing an additional 48,394 shares during the period. iA Global Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $2,400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FITB. Teacher Retirement System of Texas acquired a new position in Fifth Third Bancorp in the fourth quarter worth approximately $268,000. Royal London Asset Management Ltd. grew its position in Fifth Third Bancorp by 1.6% in the fourth quarter. Royal London Asset Management Ltd. now owns 267,758 shares of the financial services provider’s stock worth $11,321,000 after buying an additional 4,329 shares during the last quarter. Trillium Asset Management LLC grew its position in Fifth Third Bancorp by 11.4% in the fourth quarter. Trillium Asset Management LLC now owns 445,927 shares of the financial services provider’s stock worth $18,854,000 after buying an additional 45,722 shares during the last quarter. Xponance Inc. grew its position in Fifth Third Bancorp by 2.0% in the fourth quarter. Xponance Inc. now owns 101,708 shares of the financial services provider’s stock worth $4,300,000 after buying an additional 1,964 shares during the last quarter. Finally, Boston Partners grew its position in Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after buying an additional 823,803 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley lowered their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $47.36.

Fifth Third Bancorp Stock Up 0.1 %

FITB stock opened at $39.48 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The company has a fifty day simple moving average of $42.53 and a 200 day simple moving average of $43.56. The firm has a market cap of $26.38 billion, a PE ratio of 12.57, a PEG ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s payout ratio is presently 47.13%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp 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.