Bank of Montreal Can Sells 86,389 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Bank of Montreal Can lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,732,903 shares of the financial services provider’s stock after selling 86,389 shares during the period. Bank of Montreal Can’s holdings in Fifth Third Bancorp were worth $73,267,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after purchasing an additional 812,385 shares in the last quarter. Geode Capital Management LLC boosted its position in Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after buying an additional 285,910 shares in the last quarter. Boston Partners grew its stake in Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after buying an additional 823,803 shares during the last quarter. Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $371,836,000. Finally, Franklin Resources Inc. raised its stake in shares of Fifth Third Bancorp by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 5,763,716 shares of the financial services provider’s stock valued at $243,690,000 after acquiring an additional 287,342 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $33.42 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $22.33 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The stock’s 50-day moving average price is $40.84 and its two-hundred day moving average price is $43.16. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Stephens restated an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Baird R W raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective on the stock in a report on Monday. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average target price of $48.12.

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.