Nordea Investment Management AB Grows Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Nordea Investment Management AB raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 8.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 666,028 shares of the financial services provider’s stock after purchasing an additional 54,463 shares during the quarter. Nordea Investment Management AB’s holdings in Fifth Third Bancorp were worth $28,286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth $36,000. Hexagon Capital Partners LLC increased its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Fifth Third Bancorp in the third quarter valued at $39,000. Finally, Versant Capital Management Inc boosted its position in shares of Fifth Third Bancorp by 232.0% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 703 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $42.86 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The company has a 50-day simple moving average of $45.29 and a 200-day simple moving average of $42.54. The company has a market capitalization of $28.74 billion, a PE ratio of 14.24, a P/E/G ratio of 2.18 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results 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). The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the business posted $0.92 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FITB shares. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial assumed coverage on shares of Fifth Third Bancorp in a research note on Tuesday. They set a “buy” rating and a $51.00 price target for the company. Finally, Piper Sandler lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.