Nykredit A S Takes Position in Fifth Third Bancorp $FITB

Key Points

• Nykredit A S acquired 227,114 shares of Fifth Third Bancorp in the second quarter, valued at approximately $12.8 million. Institutional investors collectively own 83.79% of FITB, with several major firms initiating or expanding positions.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54. Recent target increases included UBS and Bank of America raising their targets to $65, while Wells Fargo lifted its target to $67.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings of $0.83 per share slightly missed estimates. The bank also maintains a quarterly dividend of $0.40 per share, representing a 2.9% yield.

Nykredit A S acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 227,114 shares of the financial services provider's stock, valued at approximately $12,802,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in Fifth Third Bancorp during the second quarter worth about $1,324,903,000. Bank of America Corp DE purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Norges Bank bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Fifth Third Bancorp during the second quarter worth about $314,122,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on FITB shares. UBS Group lifted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Citigroup lifted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Bank of America raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Finally, Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Stock Down 0.1%

FITB opened at $54.93 on Friday. The company has a market cap of $49.82 billion, a P/E ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.89. The business's 50-day moving average price is $56.63 and its 200-day moving average price is $52.03. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company's revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 54.61%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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