Avanza Fonder AB Lowers Position in Fifth Third Bancorp $FITB

Key Points

• Avanza Fonder AB has reduced its holdings in Fifth Third Bancorp by 21.2%, now owning 42,987 shares valued at approximately $1.77 million.
• The company announced a quarterly dividend increase to $0.40 per share, reflecting a dividend yield of 3.5% and a positive trend from the previous rate of $0.37.
• Analysts have generally upgraded their ratings for Fifth Third Bancorp, with several firms raising their price targets to between $50.00 and $52.00, indicating positive market sentiment.

Avanza Fonder AB lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 21.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 42,987 shares of the financial services provider's stock after selling 11,591 shares during the period. Avanza Fonder AB's holdings in Fifth Third Bancorp were worth $1,768,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FITB. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the period. Invesco Ltd. increased its stake in Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock worth $695,265,000 after buying an additional 862,374 shares during the period. Nuveen LLC acquired a new position in Fifth Third Bancorp during the 1st quarter worth approximately $334,805,000. Royal Bank of Canada boosted its stake in Fifth Third Bancorp by 4.5% in the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider's stock valued at $255,196,000 after acquiring an additional 279,669 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Fifth Third Bancorp by 12.1% during the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider's stock worth $197,117,000 after purchasing an additional 542,934 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the topic of several analyst reports. 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 note on Tuesday, June 10th. Truist Financial boosted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. Piper Sandler boosted their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Finally, DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.13.

Fifth Third Bancorp Price Performance

Shares of FITB traded down $1.13 during trading hours on Monday, hitting $44.95. 5,458,187 shares of the company were exchanged, compared to its average volume of 4,304,061. The firm's fifty day moving average is $43.73 and its 200 day moving average is $40.23. 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 market cap of $29.75 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 1.47 and a beta of 0.93. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is 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.