BI Asset Management Fondsmaeglerselskab A S Purchases 69,020 Shares of Fifth Third Bancorp $FITB

Key Points

• BI Asset Management Fondsmaeglerselskab A S boosted its Fifth Third Bancorp stake by 137.8% in the first quarter, buying 69,020 additional shares and bringing its total to 119,090 shares worth about $5.53 million.
• Fifth Third Bancorp reported better-than-expected quarterly earnings, posting $0.83 EPS versus estimates of $0.63, though revenue of $2.83 billion came in slightly below forecasts.
• The bank declared a quarterly dividend of $0.40 per share, equal to a 3.0% annualized yield, while analysts currently rate the stock a Moderate Buy with an average price target of $57.34.

BI Asset Management Fondsmaeglerselskab A S grew its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 137.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 119,090 shares of the financial services provider's stock after buying an additional 69,020 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Fifth Third Bancorp were worth $5,533,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Bahl & Gaynor Inc. lifted its holdings in shares of Fifth Third Bancorp by 18.0% during the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider's stock valued at $7,189,000 after purchasing an additional 24,566 shares in the last quarter. Nordea Investment Management AB increased its stake in Fifth Third Bancorp by 3.2% during the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock worth $59,788,000 after purchasing an additional 39,261 shares in the last quarter. Robinhood Asset Management LLC bought a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $8,529,000. Westfield Capital Management Co. LP raised its holdings in Fifth Third Bancorp by 26.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider's stock worth $72,169,000 after buying an additional 340,030 shares during the period. Finally, Barclays PLC raised its holdings in Fifth Third Bancorp by 27.0% during the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock worth $175,850,000 after buying an additional 840,094 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $53.61 on Tuesday. The stock has a market capitalization of $48.59 billion, a P/E ratio of 17.99, a P/E/G ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a twelve month low of $39.09 and a twelve month high of $55.44. The company has a 50 day moving average of $50.42 and a 200-day moving average of $49.33. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the previous year, the firm posted $0.71 earnings per share. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 53.69%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FITB shares. Evercore upped their price target on shares of Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. Robert W. Baird raised their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Zacks Research cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Wolfe Research cut their price objective on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Finally, Stephens began coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 target price for the company. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.34.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares of the company's stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Profile

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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