Connor Clark & Lunn Investment Management Ltd. Increases Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 52,137 shares of the financial services provider’s stock after buying an additional 1,216 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fifth Third Bancorp were worth $2,234,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Jupiter Asset Management Ltd. purchased a new position in Fifth Third Bancorp during the second quarter worth about $33,337,000. Millennium Management LLC lifted its holdings in Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares during the last quarter. Employees Retirement System of Texas lifted its holdings in Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after acquiring an additional 399,900 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after acquiring an additional 399,827 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in Fifth Third Bancorp in the second quarter valued at $11,290,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.1 %

FITB stock opened at $48.44 on Tuesday. The company’s 50 day moving average price is $44.29 and its 200 day moving average price is $40.80. The firm has a market capitalization of $32.48 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 2.29 and a beta of 1.21. Fifth Third Bancorp has a fifty-two week low of $26.89 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.06%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s payout ratio is 49.17%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FITB shares. Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Morgan Stanley upped their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $43.62.

Fifth Third Bancorp 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.