Cidel Asset Management Inc. Invests $209,000 in Fifth Third Bancorp $FITB

Cidel Asset Management Inc. purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,092 shares of the financial services provider’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HWG Holdings LP purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $27,000. Activest Wealth Management lifted its stake in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after buying an additional 626 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $27,000. Larson Financial Group LLC lifted its stake in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after buying an additional 357 shares in the last quarter. Finally, BankPlus Trust Department lifted its stake in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after buying an additional 290 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $41.80 on Tuesday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market cap of $27.67 billion, a PE ratio of 12.48, a P/E/G ratio of 1.11 and a beta of 0.95. The firm has a 50-day simple moving average of $44.30 and a two-hundred day simple moving average of $40.91. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the business earned $0.78 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Argus lifted their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research note on Monday. DA Davidson lifted their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Finally, Wolfe Research lifted their target price on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.45.

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.