Skandinaviska Enskilda Banken AB publ Lowers Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Skandinaviska Enskilda Banken AB publ has reduced its holdings in Fifth Third Bancorp by 27.0%, selling 67,400 shares to hold a total of 182,645 shares valued at approximately $7.15 million as of the latest SEC filing.
• The company declared a quarterly dividend of $0.37 per share, resulting in an annualized dividend of $1.48 and a yield of 3.45%, with a payout ratio of 45.96%.
• Several analysts have rated Fifth Third Bancorp positively, with a consensus rating of "Moderate Buy" and an average target price of $47.80, indicating potential for growth in the stock's value.

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 27.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 182,645 shares of the financial services provider's stock after selling 67,400 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Fifth Third Bancorp were worth $7,155,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FITB. Allianz Asset Management GmbH boosted its stake in Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock worth $11,450,000 after acquiring an additional 16,000 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Fifth Third Bancorp by 27.3% in the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after buying an additional 438,446 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Fifth Third Bancorp by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Heartland Bank & Trust Co purchased a new stake in Fifth Third Bancorp during the first quarter worth about $1,011,000. Finally, U.S. Capital Wealth Advisors LLC grew its position in shares of Fifth Third Bancorp by 49.5% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after acquiring an additional 15,692 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.3%

NASDAQ FITB traded down $0.14 during trading on Thursday, hitting $42.09. The company's stock had a trading volume of 1,112,616 shares, compared to its average volume of 5,067,349. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market cap of $28.09 billion, a PE ratio of 13.08, a P/E/G ratio of 1.38 and a beta of 0.91. The business's 50 day simple moving average is $40.76 and its 200-day simple moving average is $40.12.

Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FITB. TD Cowen assumed coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective on the stock. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Truist Financial cut their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

About Fifth Third Bancorp

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.