Alecta Tjanstepension Omsesidigt Acquires New Position in Fifth Third Bancorp (NASDAQ:FITB)

Alecta Tjanstepension Omsesidigt purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,045,900 shares of the financial services provider's stock, valued at approximately $40,989,000. Alecta Tjanstepension Omsesidigt owned about 0.16% of Fifth Third Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Allianz Asset Management GmbH grew its stake in Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Twin Capital Management Inc. lifted its stake in Fifth Third Bancorp by 107.2% during the first quarter. Twin Capital Management Inc. now owns 28,454 shares of the financial services provider's stock worth $1,115,000 after purchasing an additional 14,724 shares during the last quarter. Formidable Asset Management LLC boosted its holdings in Fifth Third Bancorp by 11.0% in the first quarter. Formidable Asset Management LLC now owns 18,209 shares of the financial services provider's stock valued at $714,000 after purchasing an additional 1,803 shares in the last quarter. Commerzbank Aktiengesellschaft FI purchased a new position in Fifth Third Bancorp in the first quarter valued at approximately $607,000. Finally, Kingsview Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 6.5% during the 1st quarter. Kingsview Wealth Management LLC now owns 17,919 shares of the financial services provider's stock worth $702,000 after buying an additional 1,094 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. Citigroup lowered their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Truist Financial decreased their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Barclays cut their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.53.

Fifth Third Bancorp Stock Performance

FITB traded down $0.32 during trading hours on Tuesday, hitting $42.64. The company's stock had a trading volume of 12,351,815 shares, compared to its average volume of 4,670,071. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a 50-day simple moving average of $40.21 and a 200 day simple moving average of $40.07. The firm has a market capitalization of $28.46 billion, a PE ratio of 13.24, a PEG ratio of 1.40 and a beta of 0.91.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

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

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.