Nordea Investment Management AB Grows Position in Fifth Third Bancorp (NASDAQ:FITB)

Nordea Investment Management AB lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 666,028 shares of the financial services provider’s stock after purchasing an additional 54,463 shares during the quarter. Nordea Investment Management AB owned 0.10% of Fifth Third Bancorp worth $28,286,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. QRG Capital Management Inc. increased its holdings in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after buying an additional 9,444 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Fifth Third Bancorp by 13.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock valued at $19,776,000 after purchasing an additional 55,081 shares in the last quarter. Icon Wealth Advisors LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $541,000. First National Trust Co boosted its position in Fifth Third Bancorp by 44.9% during the third quarter. First National Trust Co now owns 77,099 shares of the financial services provider’s stock worth $3,303,000 after purchasing an additional 23,890 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after buying an additional 281,494 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB stock opened at $42.86 on Wednesday. The stock has a market cap of $28.74 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 2.18 and a beta of 1.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The business has a fifty day moving average of $45.29 and a two-hundred day moving average of $42.54.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the company earned $0.92 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 49.17%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FITB. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays lifted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday. Truist Financial initiated coverage on shares of Fifth Third Bancorp in a research report on Tuesday. They set a “buy” rating and a $51.00 price target for the company. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $45.92.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is owned by corporate insiders.

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.