BI Asset Management Fondsmaeglerselskab A S Purchases 69,020 Shares of Fifth Third Bancorp $FITB

BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 137.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 119,090 shares of the financial services provider’s stock after purchasing an additional 69,020 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Fifth Third Bancorp were worth $5,533,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV lifted its stake in Fifth Third Bancorp by 18.0% in the first quarter. Nations Financial Group Inc. IA ADV now owns 6,232 shares of the financial services provider’s stock valued at $290,000 after acquiring an additional 951 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Fifth Third Bancorp by 51.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,751,834 shares of the financial services provider’s stock worth $82,004,000 after purchasing an additional 597,546 shares during the last quarter. World Investment Advisors increased its stake in shares of Fifth Third Bancorp by 10.0% during the 4th quarter. World Investment Advisors now owns 10,020 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 912 shares during the last quarter. Larry Mathis Financial Planning LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $218,000. Finally, Corient Private Wealth LLC raised its holdings in shares of Fifth Third Bancorp by 7.4% in the 4th quarter. Corient Private Wealth LLC now owns 221,238 shares of the financial services provider’s stock valued at $10,358,000 after purchasing an additional 15,204 shares during the period. 83.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FITB. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective for the company. Truist Financial set a $57.00 target price on Fifth Third Bancorp in a research note on Tuesday, April 21st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.34.

Fifth Third Bancorp Stock Up 1.7%

FITB opened at $53.61 on Tuesday. Fifth Third Bancorp has a fifty-two week low of $39.09 and a fifty-two week high of $55.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $48.59 billion, a P/E ratio of 17.99, a P/E/G ratio of 1.09 and a beta of 0.92. The stock has a fifty day moving average of $50.42 and a 200-day moving average of $49.33.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business posted $0.71 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

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.