iA Global Asset Management Inc. Has $2.38 Million Stock Position in Fifth Third Bancorp $FITB

iA Global Asset Management Inc. grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2,463.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 50,811 shares of the financial services provider’s stock after buying an additional 48,829 shares during the period. iA Global Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $2,378,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after buying an additional 637,207 shares during the period. Capital World Investors raised its stake in Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after buying an additional 1,803,861 shares during the period. Invesco Ltd. raised its stake in Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock worth $945,556,000 after buying an additional 546,914 shares during the period. Bank of America Corp DE raised its stake in Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares during the period. Finally, Franklin Resources Inc. raised its stake in Fifth Third Bancorp by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock worth $353,354,000 after buying an additional 690,648 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. The Goldman Sachs Group raised their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Argus raised their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a research note on Thursday, January 22nd. UBS Group reaffirmed a “buy” rating and set a $59.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Truist Financial set a $57.00 price objective on Fifth Third Bancorp in a research note on Tuesday, April 21st. Finally, TD Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.19.

Fifth Third Bancorp Price Performance

FITB stock opened at $47.94 on Tuesday. The stock has a 50-day moving average price of $47.76 and a two-hundred day moving average price of $47.79. The stock has a market cap of $43.45 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 1 year low of $36.64 and a 1 year high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.87. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the prior year, the company earned $0.71 EPS. Equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by corporate insiders.

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.