CIBC Asset Management Inc Grows Holdings in Fifth Third Bancorp (NASDAQ:FITB)

CIBC Asset Management Inc increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,677 shares of the financial services provider’s stock after acquiring 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 quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC increased its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 316 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 449 shares during the period. Finally, Legacy Investment Solutions LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $36,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FITB. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup upped their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Truist Financial upped their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Stock Down 0.2 %

NASDAQ FITB opened at $44.35 on Thursday. 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 fifty day moving average of $43.62 and a two-hundred day moving average of $43.58. The firm has a market capitalization of $29.74 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.43 and a beta of 1.23. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.34%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.