CANADA LIFE ASSURANCE Co Has $20.84 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

CANADA LIFE ASSURANCE Co reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 559,712 shares of the financial services provider’s stock after selling 82,145 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.08% of Fifth Third Bancorp worth $20,836,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its holdings in shares of Fifth Third Bancorp by 6.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 61,168 shares of the financial services provider’s stock valued at $2,110,000 after purchasing an additional 3,476 shares in the last quarter. Morningstar Investment Management LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $2,257,000. Bank of Nova Scotia lifted its holdings in shares of Fifth Third Bancorp by 31.6% during the 4th quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock valued at $3,056,000 after purchasing an additional 21,251 shares in the last quarter. rhino investment partners Inc lifted its holdings in shares of Fifth Third Bancorp by 20.1% during the 4th quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock valued at $44,891,000 after purchasing an additional 217,956 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Fifth Third Bancorp by 11.7% during the 4th quarter. Raymond James & Associates now owns 661,215 shares of the financial services provider’s stock valued at $22,805,000 after purchasing an additional 69,273 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 2.1 %

Shares of Fifth Third Bancorp stock opened at $41.83 on Friday. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $42.26. The stock has a market cap of $28.61 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.33 and a beta of 1.24. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $37.31 and its 200-day moving average is $36.11.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the prior year, the company earned $0.87 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, June 28th. Fifth Third Bancorp’s payout ratio is presently 44.44%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FITB shares. Jefferies Financial Group lifted their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Wolfe Research upgraded Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research note on Friday, May 31st. Evercore ISI cut their target price on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Finally, Argus boosted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $40.15.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,000 shares of company stock valued at $1,523,670. 0.50% of the stock is owned by insiders.

About Fifth Third Bancorp

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.