Cidel Asset Management Inc. Sells 691 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Cidel Asset Management Inc. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 11.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 5,386 shares of the financial services provider’s stock after selling 691 shares during the quarter. Cidel Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $228,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. OneDigital Investment Advisors LLC grew its stake in Fifth Third Bancorp by 1.1% during the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after buying an additional 222 shares during the last quarter. Transamerica Financial Advisors Inc. grew its position in Fifth Third Bancorp by 7.5% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 232 shares during the last quarter. Eads & Heald Wealth Management increased its holdings in Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 235 shares in the last quarter. Valley National Advisers Inc. raised its position in Fifth Third Bancorp by 3.6% in the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 236 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Fifth Third Bancorp by 4.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 246 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.6 %

Shares of NASDAQ:FITB opened at $44.04 on Monday. The company has a 50 day moving average price of $44.06 and a two-hundred day moving average price of $43.45. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $29.53 billion, a PE ratio of 14.03, a PEG ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.36%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 47.13%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FITB shares. DA Davidson lifted their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Wells Fargo & Company increased 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 note on Friday, November 15th. Piper Sandler reissued an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.75.

About Fifth Third Bancorp

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.