Handelsbanken Fonder AB Grows Stock Holdings in Fifth Third Bancorp $FITB

Handelsbanken Fonder AB grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 109,203 shares of the financial services provider’s stock after purchasing an additional 1,743 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fifth Third Bancorp were worth $4,492,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FITB. Vanguard Group Inc. increased its stake in Fifth Third Bancorp by 1.6% in the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Geode Capital Management LLC grew its holdings in Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after buying an additional 619,956 shares during the period. Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after acquiring an additional 862,374 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $334,805,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other news, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. Truist Financial boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Citigroup upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.35.

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ FITB opened at $42.33 on Tuesday. The stock has a fifty day moving average price of $43.09 and a 200 day moving average price of $42.18. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a market cap of $27.98 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the business earned $0.78 earnings per share. The company’s revenue was up 7.9% compared to the same quarter last year. Research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.8%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

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.