TD Asset Management Inc Has $6.41 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

TD Asset Management Inc raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,470 shares of the financial services provider’s stock after buying an additional 13,078 shares during the quarter. TD Asset Management Inc’s holdings in Fifth Third Bancorp were worth $6,408,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC grew its holdings in Fifth Third Bancorp by 8.7% in the 4th quarter. Penserra Capital Management LLC now owns 3,568 shares of the financial services provider’s stock valued at $116,000 after buying an additional 285 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Fifth Third Bancorp by 1.7% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 18,752 shares of the financial services provider’s stock valued at $599,000 after acquiring an additional 321 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Fifth Third Bancorp by 1.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,098 shares of the financial services provider’s stock valued at $823,000 after acquiring an additional 370 shares during the period. Toroso Investments LLC lifted its position in shares of Fifth Third Bancorp by 5.0% during the 4th quarter. Toroso Investments LLC now owns 7,844 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 371 shares during the period. Finally, Covestor Ltd lifted its position in shares of Fifth Third Bancorp by 43.9% during the 1st quarter. Covestor Ltd now owns 1,219 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 372 shares during the period. 77.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director C. Bryan Daniels purchased 64,500 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was bought at an average price of $23.31 per share, with a total value of $1,503,495.00. Following the completion of the purchase, the director now owns 325,278 shares in the company, valued at approximately $7,582,230.18. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of recent analyst reports. Morgan Stanley upped their target price on Fifth Third Bancorp from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Royal Bank of Canada cut their target price on Fifth Third Bancorp from $34.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, October 20th. Citigroup restated a “neutral” rating and set a $31.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, September 18th. Raymond James assumed coverage on Fifth Third Bancorp in a research report on Thursday, August 24th. They set a “market perform” rating for the company. Finally, Bank of America upped their price objective on Fifth Third Bancorp from $30.00 to $33.00 in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $32.03.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $27.67 on Tuesday. Fifth Third Bancorp has a 12-month low of $22.11 and a 12-month high of $38.06. The business has a 50-day simple moving average of $25.26 and a two-hundred day simple moving average of $26.02. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a market cap of $18.84 billion, a PE ratio of 7.86, a PEG ratio of 0.94 and a beta of 1.23.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.09. The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Fifth Third Bancorp had a return on equity of 16.99% and a net margin of 21.20%. During the same quarter in the prior year, the firm posted $0.93 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 3.51 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Saturday, September 30th were paid a $0.35 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.40 annualized dividend and a dividend yield of 5.06%. Fifth Third Bancorp’s dividend payout ratio is presently 39.77%.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.