SEB Asset Management AB Invests $8.18 Million in Fifth Third Bancorp $FITB

Key Points

• SEB Asset Management AB initiated a new position in Fifth Third Bancorp, buying 176,122 shares worth about $8.18 million in the first quarter.
• Institutional interest remains strong, with several other funds increasing their stakes and about 83.79% of the stock now held by institutional investors.
• Analysts turned more bullish after Fifth Third’s stronger-than-expected second-quarter results, with multiple firms raising targets and ratings; the company also pays a $0.40 quarterly dividend, yielding about 2.8%.

SEB Asset Management AB bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 176,122 shares of the financial services provider's stock, valued at approximately $8,183,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Empowered Funds LLC grew its stake in Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP raised its stake in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock valued at $100,000 after acquiring an additional 759 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $968,000. 83.79% of the stock is currently owned by institutional investors.

Insider Activity at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.51% of the company's stock.

Key Stories Impacting Fifth Third Bancorp

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: RBC Capital upgraded Fifth Third Bancorp (FITB) to Buy and raised its price target, reinforcing the post-earnings bullish tone around the stock. Fifth Third Bancorp (FITB) Gets a Buy from RBC Capital
• Positive Sentiment: D.A. Davidson also reiterated a Buy rating and lifted its target to $65, adding to expectations that the stock still has room to run. Fifth Third Bancorp (FITB) Receives a Buy from D.A. Davidson
• Positive Sentiment: Bank of America, RBC, and Keefe Bruyette all raised price targets after Fifth Third reported stronger-than-expected second-quarter results, with EPS of $1.02 topping estimates of $0.95.
• Positive Sentiment: Additional commentary highlighted Fifth Third as a potential dividend and growth story, which may support investor interest in the stock. Why Fifth Third Bancorp (FITB) is a Great Dividend Stock Right Now
• Neutral Sentiment: Industry coverage on banks using fintech and embedded finance for deposits suggests a broader strategic trend, but it does not directly change Fifth Third’s near-term outlook. Banks Tap FinTechs and Embedded Finance for Deposits
• Neutral Sentiment: One Seeking Alpha piece argued that Comerica could be a growth catalyst for Fifth Third, but this is more of a thesis than a confirmed corporate development. Fifth Third Bancorp: Comerica Is Now A Growth Catalyst

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $57.62 on Wednesday. The firm has a 50 day moving average of $53.37 and a 200 day moving average of $50.78. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $52.22 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the business posted $0.88 EPS. On average, sell-side analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is 54.61%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FITB. Barclays raised their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a report on Monday, April 20th. Piper Sandler reissued an "overweight" rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Finally, Bank of America upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.20.

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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