Tredje AP fonden Increases Stock Holdings in Fifth Third Bancorp $FITB

Tredje AP fonden grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 35.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 492,213 shares of the financial services provider’s stock after purchasing an additional 128,164 shares during the quarter. Tredje AP fonden’s holdings in Fifth Third Bancorp were worth $21,928,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth $26,000. Westside Investment Management Inc. boosted its stake in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 292 shares in the last quarter. United Community Bank grew its holdings in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the last quarter. GoalVest Advisory LLC increased its position in shares of Fifth Third Bancorp by 246.3% during the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares in the last quarter. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth about $32,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $53.62 on Friday. The stock has a market capitalization of $35.45 billion, a P/E ratio of 15.15, a P/E/G ratio of 1.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44. The company’s fifty day moving average is $50.29 and its two-hundred day moving average is $45.98.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The business had revenue of $3.82 billion for the quarter. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 3.0%. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insider Activity

In other news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FITB. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Argus increased their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Evercore raised their target price on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a research report on Thursday, February 5th. TD Cowen reaffirmed a “buy” rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Finally, Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.56.

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.