Zurcher Kantonalbank Zurich Cantonalbank Has $9.95 Million Stake in Fifth Third Bancorp $FITB

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 32.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 212,603 shares of the financial services provider’s stock after buying an additional 52,039 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fifth Third Bancorp were worth $9,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FITB. AE Wealth Management LLC increased its position in shares of Fifth Third Bancorp by 4.7% in the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the period. Bahl & Gaynor Inc. boosted its position in shares of Fifth Third Bancorp by 18.0% during the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after acquiring an additional 24,566 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Fifth Third Bancorp by 2.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after acquiring an additional 48,080 shares in the last quarter. Generali Asset Management SPA SGR acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $1,314,000. Finally, Westfield Capital Management Co. LP boosted its position in shares of Fifth Third Bancorp by 26.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after acquiring an additional 340,030 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FITB has been the subject of several recent analyst reports. Wolfe Research dropped their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 18th. Royal Bank Of Canada upped their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, Janney Montgomery Scott increased their price target on Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.11.

Insiders Place Their Bets

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Up 0.7%

Shares of NASDAQ:FITB opened at $50.89 on Friday. The stock has a market cap of $46.08 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 1.05 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12-month low of $34.80 and a 12-month high of $55.44. The business’s 50 day moving average is $48.40 and its 200 day moving average is $47.01.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.03 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is 53.69%.

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.