Nordea Investment Management AB Boosts Stock Position in Fifth Third Bancorp $FITB

Key Points

• Nordea Investment Management AB increased its stake in Fifth Third Bancorp by 103.0% in Q2, now owning 1,354,288 shares worth approximately $56 million.
• Fifth Third Bancorp has recently raised its quarterly dividend from $0.37 to $0.40, yielding about 3.9% annually.
• Multiple brokerages have upgraded their price targets for Fifth Third Bancorp, with the average target price now at $50.35 and a consensus rating of "Moderate Buy."

Nordea Investment Management AB increased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 103.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,354,288 shares of the financial services provider's stock after buying an additional 687,275 shares during the quarter. Nordea Investment Management AB owned about 0.20% of Fifth Third Bancorp worth $56,095,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. HWG Holdings LP bought a new stake in Fifth Third Bancorp in the first quarter worth $27,000. Activest Wealth Management lifted its position in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock worth $28,000 after buying an additional 626 shares during the last quarter. Banque Transatlantique SA bought a new stake in Fifth Third Bancorp in the first quarter worth $27,000. Larson Financial Group LLC lifted its position in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares during the last quarter. Finally, BankPlus Trust Department lifted its position in Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider's stock worth $34,000 after buying an additional 290 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

FITB stock opened at $40.89 on Friday. 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 business has a 50-day moving average price of $44.29 and a 200 day moving average price of $40.82. The company has a market capitalization of $27.06 billion, a P/E ratio of 12.21, a PEG ratio of 1.11 and a beta of 0.95. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. Fifth Third Bancorp's dividend payout ratio is presently 49.69%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FITB. Janney Montgomery Scott raised their price target on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. DA Davidson lifted their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Stephens set a $52.00 target price on Fifth Third Bancorp and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Wolfe Research lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.35.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.