Candriam S.C.A. Raises Holdings in Fifth Third Bancorp $FITB

Candriam S.C.A. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.7% in the first quarter, HoldingsChannel.com reports. The firm owned 102,982 shares of the financial services provider’s stock after acquiring an additional 13,171 shares during the quarter. Candriam S.C.A.’s holdings in Fifth Third Bancorp were worth $4,785,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Harbor Investment Advisory LLC lifted its position in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $29,000. Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $30,000. Reflection Asset Management acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Finally, EFG International AG acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $57.19 on Tuesday. The stock has a market capitalization of $51.83 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.09 and a beta of 0.90. The business’s 50 day moving average is $52.37 and its two-hundred day moving average is $50.35. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.51. 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 (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period last year, the firm earned $0.71 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 53.69%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Stephens initiated coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target for the company. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Finally, The Goldman Sachs Group lifted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.11.

Insider Buying and Selling

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’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 owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Fifth Third Bancorp Company 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.