Skandinaviska Enskilda Banken AB publ Decreases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Skandinaviska Enskilda Banken AB publ lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 27.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 182,645 shares of the financial services provider’s stock after selling 67,400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Fifth Third Bancorp were worth $7,155,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $268,000. LPL Financial LLC boosted its stake in shares of Fifth Third Bancorp by 16.4% during the 4th quarter. LPL Financial LLC now owns 519,339 shares of the financial services provider’s stock valued at $21,958,000 after buying an additional 73,245 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Fifth Third Bancorp by 8.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,060,604 shares of the financial services provider’s stock worth $44,959,000 after buying an additional 87,063 shares in the last quarter. NEOS Investment Management LLC increased its stake in shares of Fifth Third Bancorp by 31.6% in the fourth quarter. NEOS Investment Management LLC now owns 41,430 shares of the financial services provider’s stock worth $1,752,000 after buying an additional 9,956 shares during the last quarter. Finally, Loomis Sayles & Co. L P bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $44,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 0.4%

NASDAQ:FITB opened at $42.84 on Monday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50 day simple moving average of $40.54 and a 200 day simple moving average of $40.08. The firm has a market capitalization of $28.60 billion, a P/E ratio of 13.30, a P/E/G ratio of 1.39 and a beta of 0.91.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. Baird R W upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. JPMorgan Chase & Co. lowered their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Jefferies Financial Group started coverage on Fifth Third Bancorp in a report on Wednesday, May 21st. They set a “buy” rating and a $47.00 target price on the stock. Finally, DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.80.

Fifth Third Bancorp Company Profile

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.