BI Asset Management Fondsmaeglerselskab A S Acquires 19,588 Shares of Fifth Third Bancorp $FITB

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its stake in Fifth Third Bancorp by 64.3% in the fourth quarter, buying 19,588 additional shares for a total of 50,070 shares worth about $2.34 million.
• Fifth Third Bancorp reported better-than-expected earnings of $0.83 per share for the quarter, though revenue of $2.83 billion came in slightly below analyst estimates. Analysts still expect the bank to earn about 4.1 EPS this year.
• The bank also paid a quarterly dividend of $0.40, equal to an annualized yield of 3.1%, while analysts maintain a Moderate Buy consensus with an average price target of $57.29.

BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 64.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,070 shares of the financial services provider's stock after buying an additional 19,588 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Fifth Third Bancorp were worth $2,344,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Harbor Investment Advisory LLC raised its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after buying an additional 517 shares during the last quarter. Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the 4th quarter worth about $30,000. Quest 10 Wealth Builders Inc. raised its holdings in Fifth Third Bancorp by 619.6% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock worth $34,000 after purchasing an additional 632 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in Fifth Third Bancorp by 77.6% during the 4th quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock worth $36,000 after purchasing an additional 322 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in Fifth Third Bancorp during the 4th quarter worth about $42,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $51.96 on Tuesday. The firm has a market capitalization of $47.09 billion, a P/E ratio of 17.44, a PEG ratio of 1.06 and a beta of 0.92. Fifth Third Bancorp has a 1 year low of $37.86 and a 1 year high of $55.44. The business has a 50-day moving average of $49.21 and a 200-day moving average of $48.60. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the previous year, the company earned $0.71 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. Fifth Third Bancorp's payout ratio is currently 53.69%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company's stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. JPMorgan Chase & Co. boosted their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Piper Sandler reissued an "overweight" rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Evercore boosted their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. Finally, Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.29.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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