Swedbank AB Acquires 5,607 Shares of Fifth Third Bancorp $FITB

Key Points

• Swedbank AB increased its stake in Fifth Third Bancorp by 2.2% in Q1, now holding 264,767 shares valued at over $10 million.
• Fifth Third Bancorp recently announced a stock repurchase plan allowing for the buyback of 100 million shares, indicating the board's belief in the stock's undervalued status.
• The company increased its quarterly dividend from $0.37 to $0.40, resulting in an annual yield of 3.5%, scheduled for payment on October 15th.

Swedbank AB lifted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,767 shares of the financial services provider's stock after buying an additional 5,607 shares during the quarter. Swedbank AB's holdings in Fifth Third Bancorp were worth $10,379,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Gotham Asset Management LLC lifted its holdings in Fifth Third Bancorp by 2.3% during the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after purchasing an additional 316 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $934,000. Man Group plc lifted its holdings in Fifth Third Bancorp by 36.5% during the 4th quarter. Man Group plc now owns 72,395 shares of the financial services provider's stock valued at $3,061,000 after purchasing an additional 19,371 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Fifth Third Bancorp by 14.4% during the 4th quarter. Quantinno Capital Management LP now owns 86,114 shares of the financial services provider's stock valued at $3,641,000 after purchasing an additional 10,857 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Fifth Third Bancorp by 8.3% during the 4th quarter. ProShare Advisors LLC now owns 157,778 shares of the financial services provider's stock valued at $6,671,000 after purchasing an additional 12,127 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock traded down $0.20 during midday trading on Friday, reaching $46.08. The company had a trading volume of 8,455,666 shares, compared to its average volume of 4,085,903. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50 day moving average price of $43.70 and a 200-day moving average price of $40.19. The company has a market capitalization of $30.50 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93.

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

Fifth Third Bancorp Increases Dividend

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

Wall Street Analyst Weigh In

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

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.