CIBC Asset Management Inc Raises Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

CIBC Asset Management Inc raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,677 shares of the financial services provider’s stock after purchasing an additional 2,052 shares during the quarter. CIBC Asset Management Inc’s holdings in Fifth Third Bancorp were worth $4,975,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 1.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after buying an additional 222 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its holdings in shares of Fifth Third Bancorp by 7.5% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after buying an additional 232 shares in the last quarter. Eads & Heald Wealth Management boosted its holdings in shares of Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after buying an additional 235 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in shares of Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock valued at $285,000 after buying an additional 236 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after buying an additional 246 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FITB shares. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Citigroup upped their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Truist Financial upped their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays upped their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $44.35 on Thursday. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07. The firm has a market capitalization of $29.74 billion, a P/E ratio of 14.12, a PEG ratio of 1.43 and a beta of 1.23. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average price of $43.62 and a 200-day moving average price of $43.58.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

About Fifth Third Bancorp

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.