Alecta Tjanstepension Omsesidigt Has $60.06 Million Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Alecta Tjanstepension Omsesidigt increased its holdings in Fifth Third Bancorp by 39.6%, now owning approximately 1,460,300 shares valued at $60.06 million.
• The company announced a quarterly dividend of $0.40 per share, up from the previous $0.37, indicating a 3.5% yield for investors.
• Fifth Third Bancorp's stock price recently reached $45.91, amid positive analyst upgrades, with an average price target of $48.13 reflecting a "Moderate Buy" rating.

Alecta Tjanstepension Omsesidigt lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 39.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,460,300 shares of the financial services provider's stock after buying an additional 414,400 shares during the quarter. Alecta Tjanstepension Omsesidigt owned about 0.22% of Fifth Third Bancorp worth $60,062,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. HWG Holdings LP bought a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Banque Transatlantique SA bought a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Larson Financial Group LLC increased its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares during the period. REAP Financial Group LLC increased its position in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust increased its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 2.0%

Fifth Third Bancorp stock opened at $45.91 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm's fifty day moving average is $43.61 and its 200 day moving average is $40.14. The company has a market capitalization of $30.39 billion, a PE ratio of 14.26, a PEG ratio of 1.44 and a beta of 0.93.

Fifth Third Bancorp declared that its board has initiated a share buyback plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 30th. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Jefferies Financial Group initiated 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 objective on the stock. Piper Sandler lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, September 10th. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $48.13.

About Fifth Third Bancorp

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.