SEB Asset Management AB Invests $8.18 Million in Fifth Third Bancorp $FITB

SEB Asset Management AB bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, HoldingsChannel reports. The firm bought 176,122 shares of the financial services provider’s stock, valued at approximately $8,183,000.

Other hedge funds also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. boosted its holdings in Fifth Third Bancorp by 4.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock worth $199,000 after acquiring an additional 187 shares in the last quarter. Equitable Holdings Inc. raised its position in shares of Fifth Third Bancorp by 4.1% in the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 195 shares during the last quarter. Koshinski Asset Management Inc. boosted its stake in Fifth Third Bancorp by 3.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares in the last quarter. Keybank National Association OH boosted its stake in Fifth Third Bancorp by 0.3% in the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after purchasing an additional 214 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its position in Fifth Third Bancorp by 1.9% during the 4th quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider’s stock worth $545,000 after purchasing an additional 216 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FITB shares. Robert W. Baird upped their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Stephens began coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Finally, Jefferies Financial Group lifted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.20.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.51% of the company’s stock.

Key Stories Impacting Fifth Third Bancorp

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: RBC Capital upgraded Fifth Third Bancorp (FITB) to Buy and raised its price target, reinforcing the post-earnings bullish tone around the stock. Fifth Third Bancorp (FITB) Gets a Buy from RBC Capital
• Positive Sentiment: D.A. Davidson also reiterated a Buy rating and lifted its target to $65, adding to expectations that the stock still has room to run. Fifth Third Bancorp (FITB) Receives a Buy from D.A. Davidson
• Positive Sentiment: Bank of America, RBC, and Keefe Bruyette all raised price targets after Fifth Third reported stronger-than-expected second-quarter results, with EPS of $1.02 topping estimates of $0.95.
• Positive Sentiment: Additional commentary highlighted Fifth Third as a potential dividend and growth story, which may support investor interest in the stock. Why Fifth Third Bancorp (FITB) is a Great Dividend Stock Right Now
• Neutral Sentiment: Industry coverage on banks using fintech and embedded finance for deposits suggests a broader strategic trend, but it does not directly change Fifth Third’s near-term outlook. Banks Tap FinTechs and Embedded Finance for Deposits
• Neutral Sentiment: One Seeking Alpha piece argued that Comerica could be a growth catalyst for Fifth Third, but this is more of a thesis than a confirmed corporate development. Fifth Third Bancorp: Comerica Is Now A Growth Catalyst

Fifth Third Bancorp Stock Performance

FITB opened at $57.62 on Wednesday. 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 has a 12-month low of $40.04 and a 12-month high of $59.50. The firm has a 50 day moving average of $53.37 and a two-hundred day moving average of $50.78. The firm has a market capitalization of $52.22 billion, a PE ratio of 19.34, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the previous year, the company earned $0.88 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Fifth Third Bancorp Company 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.