Forsta AP Fonden Sells 92,200 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Forsta AP Fonden reduced its holdings in Fifth Third Bancorp by 37.1%, owning 156,500 shares valued at approximately $6.14 million after selling 92,200 shares in the first quarter.
• Several institutional investors have increased their stakes in Fifth Third Bancorp, with National Bank of Canada FI raising its position by 78.9% to own 439,540 shares valued at $17.23 million.
• The company announced a quarterly dividend of $0.37 per share, representing an annual yield of 3.6%, along with a share repurchase plan authorizing the buyback of 100 million shares.

Forsta AP Fonden trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 37.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 156,500 shares of the financial services provider's stock after selling 92,200 shares during the period. Forsta AP Fonden's holdings in Fifth Third Bancorp were worth $6,135,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FITB. Commerce Bank grew its position in shares of Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock worth $1,581,000 after acquiring an additional 282 shares during the last quarter. Orca Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 0.8% during the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock worth $1,384,000 after acquiring an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC grew its position in shares of Fifth Third Bancorp by 3.0% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock worth $410,000 after acquiring an additional 300 shares during the last quarter. Gotham Asset Management LLC grew its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock worth $597,000 after acquiring an additional 316 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its position in shares of Fifth Third Bancorp by 0.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock worth $2,161,000 after acquiring an additional 322 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Cowen began coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Truist Financial dropped their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $47.80.

Fifth Third Bancorp Stock Performance

FITB stock traded up $0.74 during midday trading on Wednesday, hitting $42.98. The stock had a trading volume of 3,142,268 shares, compared to its average volume of 5,013,407. The firm has a market capitalization of $28.45 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.34 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The stock has a 50-day simple moving average of $41.40 and a 200 day simple moving average of $39.95. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Fifth Third Bancorp 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.