Mackenzie Financial Corp acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,652 shares of the financial services provider’s stock, valued at approximately $323,000.

Other institutional investors also recently modified their holdings of the company. Toronto Dominion Bank raised its position in Fifth Third Bancorp by 9.2% in the fourth quarter. Toronto Dominion Bank now owns 305,769 shares of the financial services provider’s stock worth $9,277,000 after acquiring an additional 25,741 shares during the period. Eaton Vance Management raised its position in Fifth Third Bancorp by 1.1% in the fourth quarter. Eaton Vance Management now owns 1,575,973 shares of the financial services provider’s stock worth $47,815,000 after acquiring an additional 16,774 shares during the period. Wealthfront Inc. raised its position in Fifth Third Bancorp by 5.7% in the fourth quarter. Wealthfront Inc. now owns 43,351 shares of the financial services provider’s stock worth $1,315,000 after acquiring an additional 2,347 shares during the period. Advisor Group Inc. raised its position in Fifth Third Bancorp by 19.7% in the third quarter. Advisor Group Inc. now owns 36,589 shares of the financial services provider’s stock worth $1,024,000 after acquiring an additional 6,033 shares during the period. Finally, Pegasus Partners Ltd. raised its position in Fifth Third Bancorp by 69.5% in the third quarter. Pegasus Partners Ltd. now owns 186,989 shares of the financial services provider’s stock worth $5,232,000 after acquiring an additional 76,647 shares during the period. Institutional investors own 83.82% of the company’s stock.

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Several research analysts have weighed in on FITB shares. Macquarie downgraded shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $28.47 to $26.00 in a research report on Friday, November 17th. Morgan Stanley increased their price target on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Monday, January 8th. Oppenheimer reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. Finally, Barclays increased their price target on shares of Fifth Third Bancorp from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $30.70.

In related news, EVP James C. Leonard sold 35,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $33.80, for a total transaction of $1,183,000.00. Following the completion of the transaction, the executive vice president now directly owns 101,091 shares of the company’s stock, valued at $3,416,875.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Greg D. Carmichael sold 87,613 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $32.37, for a total transaction of $2,836,032.81. The disclosure for this sale can be found here. Insiders have sold 179,410 shares of company stock valued at $5,879,506 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Shares of Fifth Third Bancorp (FITB) opened at $34.06 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $23,536.00, a price-to-earnings ratio of 18.62, a PEG ratio of 1.89 and a beta of 1.31. Fifth Third Bancorp has a 52 week low of $23.20 and a 52 week high of $34.57.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.05. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Fifth Third Bancorp had a net margin of 27.08% and a return on equity of 9.65%. During the same period in the prior year, the company posted $0.49 earnings per share. research analysts anticipate that Fifth Third Bancorp will post 2.3 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.64 annualized dividend and a yield of 1.88%. Fifth Third Bancorp’s payout ratio is 22.46%.

Fifth Third Bancorp declared that its board has authorized a stock buyback plan on Tuesday, February 27th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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About Fifth Third Bancorp

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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