Fjarde AP Fonden Fourth Swedish National Pension Fund Cuts Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund decreased its stake in Fifth Third Bancorp by 38.2% in the first quarter, now holding 110,844 shares valued at approximately $4.35 million.
• Analyst ratings for Fifth Third Bancorp include ten buy ratings, five hold ratings, and one sell rating, with a consensus rating of "Moderate Buy" and an average price target of $47.80.
• Fifth Third Bancorp announced a share buyback program authorizing the repurchase of up to 100 million shares, indicating that its leadership believes the stock is undervalued.

Fjarde AP Fonden Fourth Swedish National Pension Fund decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 38.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,844 shares of the financial services provider's stock after selling 68,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Fifth Third Bancorp were worth $4,345,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. HWG Holdings LP bought a new position in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Quarry LP bought a new position in Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Larson Financial Group LLC raised its holdings in Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares during the last quarter. REAP Financial Group LLC raised its holdings in Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after purchasing an additional 487 shares during the last quarter. Finally, Grove Bank & Trust raised its holdings in Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after purchasing an additional 335 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 3.3%

NASDAQ FITB traded up $1.4210 during mid-day trading on Friday, hitting $44.3010. The company's stock had a trading volume of 1,273,490 shares, compared to its average volume of 4,913,410. The company's 50 day simple moving average is $41.93 and its 200 day simple moving average is $39.91. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $29.32 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.40 and a beta of 0.91.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Fifth Third Bancorp declared that its board has initiated a share buyback program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. 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 report on Tuesday, June 10th. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.80.

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.