KLP Kapitalforvaltning AS boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 238,737 shares of the financial services provider's stock after purchasing an additional 9,400 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Fifth Third Bancorp were worth $9,894,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. HWG Holdings LP purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at $27,000. Larson Financial Group LLC raised its position in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 357 shares during the last quarter. Grove Bank & Trust raised its position in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 335 shares during the last quarter. Finally, Citizens National Bank Trust Department acquired a new position in Fifth Third Bancorp in the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 83.79% of the company's stock.
Analyst Ratings Changes
FITB has been the topic of several recent research reports. Piper Sandler dropped their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "market perform" rating in a research note on Tuesday. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday. UBS Group boosted their price objective on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, Wolfe Research boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.16.
Check Out Our Latest Analysis on FITB
Fifth Third Bancorp Stock Performance
Shares of FITB opened at $43.79 on Friday. The company has a 50-day simple moving average of $44.22 and a 200-day simple moving average of $40.71. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $28.98 billion, a PE ratio of 13.60, a P/E/G ratio of 1.40 and a beta of 0.95. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.
Fifth Third Bancorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is currently 49.69%.
Fifth Third Bancorp announced that its Board of Directors has approved 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.
Fifth Third Bancorp Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

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