Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Stake in Fifth Third Bancorp $FITB

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 156.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 246,001 shares of the financial services provider’s stock after acquiring an additional 150,157 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Fifth Third Bancorp were worth $11,429,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Fifth Third Bancorp in the fourth quarter worth about $649,264,000. Price T Rowe Associates Inc. MD increased its position in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after purchasing an additional 2,574,712 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after purchasing an additional 2,293,939 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on FITB shares. DA Davidson restated a “buy” rating and set a $58.00 target price on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Piper Sandler reissued an “overweight” rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Finally, The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.94.

Fifth Third Bancorp Trading Down 0.0%

Fifth Third Bancorp stock opened at $57.15 on Friday. The firm has a 50 day moving average of $51.55 and a 200 day moving average of $49.95. The firm has a market capitalization of $51.80 billion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.15. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the 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 sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated 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 directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents 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.

Fifth Third Bancorp Profile

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.