BI Asset Management Fondsmaeglerselskab A S Acquires 31,664 Shares of Fifth Third Bancorp (NASDAQ:FITB)

BI Asset Management Fondsmaeglerselskab A S lifted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 316.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,684 shares of the financial services provider's stock after purchasing an additional 31,664 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Fifth Third Bancorp were worth $1,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $25,000. Sierra Ocean LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $28,000. BankPlus Trust Department bought a new position in Fifth Third Bancorp during the fourth quarter worth about $29,000. Midwest Capital Advisors LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $33,000. Finally, Y.D. More Investments Ltd lifted its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock worth $35,000 after acquiring an additional 449 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB traded down $0.50 during midday trading on Friday, reaching $35.28. 3,219,995 shares of the stock were exchanged, compared to its average volume of 4,490,591. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $23.57 billion, a P/E ratio of 11.24, a PEG ratio of 1.42 and a beta of 0.99. The stock's 50 day simple moving average is $38.25 and its 200 day simple moving average is $42.40.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter last year, the firm earned $0.70 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial reduced their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Stephens restated an "equal weight" rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Royal Bank of Canada restated an "outperform" rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Barclays cut their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley cut their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $46.24.

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.