Avanza Fonder AB Takes $2.37 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Avanza Fonder AB acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 56,043 shares of the financial services provider’s stock, valued at approximately $2,369,000.

Other institutional investors have also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV raised its stake in shares of Fifth Third Bancorp by 8.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 97,636 shares of the financial services provider’s stock worth $3,563,000 after purchasing an additional 7,906 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Fifth Third Bancorp by 25.8% in the second quarter. Benjamin Edwards Inc. now owns 4,675 shares of the financial services provider’s stock valued at $171,000 after acquiring an additional 958 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in Fifth Third Bancorp by 1.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 140,045 shares of the financial services provider’s stock worth $5,107,000 after acquiring an additional 1,700 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Fifth Third Bancorp by 4.6% during the 2nd quarter. Pacer Advisors Inc. now owns 48,878 shares of the financial services provider’s stock worth $1,784,000 after purchasing an additional 2,157 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Fifth Third Bancorp by 1.2% during the 2nd quarter. Sei Investments Co. now owns 693,800 shares of the financial services provider’s stock valued at $25,317,000 after purchasing an additional 8,410 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $44.34 on Friday. The stock has a market cap of $29.73 billion, a PE ratio of 14.73, a P/E/G ratio of 1.79 and a beta of 1.24. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The stock’s 50 day simple moving average is $45.02 and its 200-day simple moving average is $42.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the prior year, the company posted $0.92 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. Sell-side analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Wall Street Analyst Weigh In

Several research firms have commented on FITB. Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Evercore ISI raised their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Barclays upped their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial started coverage on shares of Fifth Third Bancorp in a research report on Tuesday, January 7th. They issued a “buy” rating and a $51.00 price target on the stock. Finally, Piper Sandler upped their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.92.

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.