Fifth Third Bancorp $FITB Holdings Raised by Swedbank AB

Key Points

• Swedbank AB increased its holdings in Fifth Third Bancorp by 7.4% during the second quarter, acquiring an additional 19,629 shares, bringing its total ownership to 284,396 shares valued at approximately $11.7 million.
• Fifth Third Bancorp announced a quarterly dividend of $0.40 per share, payable on October 15th, illustrating a positive change from its previous dividend of $0.37 and representing an annual yield of 3.5%.
• A number of analysts have recently upgraded their ratings and price targets for Fifth Third Bancorp, with DA Davidson raising it to a "strong-buy" and a new target of $47, indicating increasing confidence among investment firms.

Swedbank AB grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 284,396 shares of the financial services provider's stock after purchasing an additional 19,629 shares during the period. Swedbank AB's holdings in Fifth Third Bancorp were worth $11,697,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Alecta Tjanstepension Omsesidigt raised its stake in shares of Fifth Third Bancorp by 39.6% during the second quarter. Alecta Tjanstepension Omsesidigt now owns 1,460,300 shares of the financial services provider's stock valued at $60,062,000 after purchasing an additional 414,400 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Fifth Third Bancorp by 1.7% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,202 shares of the financial services provider's stock valued at $3,134,000 after purchasing an additional 1,257 shares during the period. Pines Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $235,000. Gateway Investment Advisers LLC grew its position in shares of Fifth Third Bancorp by 4.5% during the second quarter. Gateway Investment Advisers LLC now owns 174,068 shares of the financial services provider's stock worth $7,159,000 after buying an additional 7,480 shares in the last quarter. Finally, Balefire LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $212,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB traded down $1.13 during midday trading on Monday, hitting $44.95. 5,458,187 shares of the stock traded hands, compared to its average volume of 4,304,061. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The firm has a market capitalization of $29.75 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The business's 50 day moving average price is $43.70 and its two-hundred day moving average price is $40.19.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business 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 dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FITB. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Wells Fargo & Company raised their price target on shares of 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 raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Finally, Piper Sandler lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.13.

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.