Canada Pension Plan Investment Board Invests $35.87 Million in Fifth Third Bancorp $FITB

Canada Pension Plan Investment Board bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to its most recent filing with the SEC. The firm bought 636,400 shares of the financial services provider’s stock, valued at approximately $35,874,000. Canada Pension Plan Investment Board owned approximately 0.07% of Fifth Third Bancorp as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $25,000. SouthState Bank Corp increased its holdings in Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Clearstead Trust LLC purchased a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FITB. Citigroup upped their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Stephens initiated coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Stock Performance

FITB opened at $54.88 on Friday. The firm’s fifty day simple moving average is $56.70 and its two-hundred day simple moving average is $52.00. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a market cap of $49.77 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.09 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 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 analysts’ expectations of $3.24 billion. During the same period in the prior year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

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.