Cibc World Market Inc. Buys Shares of 217,331 Fifth Third Bancorp $FITB

Cibc World Market Inc. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 217,331 shares of the financial services provider’s stock, valued at approximately $12,251,000.

A number of other hedge funds have also made changes to their positions in FITB. Empowered Funds LLC boosted its holdings in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP increased its stake in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the period. EverSource Wealth Advisors LLC lifted its position in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after buying an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its position in Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after buying an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $968,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FITB. UBS Group upped their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Royal Bank Of Canada upped their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Bank of America boosted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Up 0.2%

Shares of FITB stock opened at $54.91 on Tuesday. The stock’s 50 day simple moving average is $56.58 and its 200 day simple moving average is $51.98. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $49.80 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the company earned $0.88 EPS. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

About Fifth Third Bancorp

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.