421,074 Shares in Fifth Third Bancorp $FITB Purchased by Danske Bank A S

Danske Bank A S purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 421,074 shares of the financial services provider’s stock, valued at approximately $23,736,000.

A number of other hedge funds also recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp in the fourth quarter worth $29,000. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter worth $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the fourth quarter worth $30,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $54.96 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The business’s fifty day moving average price is $56.52 and its two-hundred day moving average price is $51.92. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The stock has a market capitalization of $49.84 billion, a price-to-earnings ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. As a group, analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FITB shares. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Stephens started coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. Bank of America upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

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.