Forsta AP Fonden Has $6.14 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Forsta AP Fonden lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 37.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 156,500 shares of the financial services provider’s stock after selling 92,200 shares during the period. Forsta AP Fonden’s holdings in Fifth Third Bancorp were worth $6,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in FITB. National Bank of Canada FI raised its position in shares of Fifth Third Bancorp by 78.9% in the first quarter. National Bank of Canada FI now owns 439,540 shares of the financial services provider’s stock valued at $17,230,000 after purchasing an additional 193,826 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Fifth Third Bancorp by 12.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,191,535 shares of the financial services provider’s stock valued at $46,708,000 after buying an additional 130,931 shares during the last quarter. Deutsche Bank AG grew its stake in Fifth Third Bancorp by 1.1% in the 1st quarter. Deutsche Bank AG now owns 2,070,070 shares of the financial services provider’s stock valued at $81,147,000 after buying an additional 23,369 shares during the last quarter. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 1,321,554 shares during the period. Finally, ASR Vermogensbeheer N.V. bought a new position in Fifth Third Bancorp in the 1st quarter valued at about $2,764,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Truist Financial decreased their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 10th. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a “buy” rating and a $52.00 target price for the company. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.80.

Fifth Third Bancorp Trading Up 1.1%

Shares of FITB opened at $41.64 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The firm has a market cap of $27.56 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.35 and a beta of 0.91. The business’s fifty day moving average is $41.27 and its 200-day moving average is $39.95.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid 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 yield of 3.6%. Fifth Third Bancorp’s payout ratio is presently 45.96%.

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

Fifth Third Bancorp 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.