Triasima Portfolio Management inc. Makes New Investment in Fifth Third Bancorp $FITB

Triasima Portfolio Management inc. bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 55,075 shares of the financial services provider’s stock, valued at approximately $2,454,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its holdings in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP raised its position in Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after acquiring an additional 16,323 shares in the last quarter. Swedbank AB boosted its position in shares of Fifth Third Bancorp by 7.4% during the 2nd quarter. Swedbank AB now owns 284,396 shares of the financial services provider’s stock valued at $11,697,000 after purchasing an additional 19,629 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Fifth Third Bancorp by 6.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 163,003 shares of the financial services provider’s stock worth $7,074,000 after purchasing an additional 10,042 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its holdings in shares of Fifth Third Bancorp by 6.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 136,377 shares of the financial services provider’s stock worth $5,609,000 after purchasing an additional 7,765 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on FITB. Stephens upped their price target on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. UBS Group raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Tuesday, January 6th. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Citigroup lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $48.56 on Tuesday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $50.47. The company has a 50-day moving average price of $46.16 and a 200-day moving average price of $44.40. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a market cap of $32.10 billion, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 0.86 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.06. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.85 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

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.