Fifth Third Bancorp $FITB Shares Sold by Skandinaviska Enskilda Banken AB publ

by · The Markets Daily

Skandinaviska Enskilda Banken AB publ decreased its stake in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 21.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 144,145 shares of the financial services provider’s stock after selling 38,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Fifth Third Bancorp were worth $5,929,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Fifth Third Bancorp in the 2nd quarter valued at $357,440,000. Nuveen LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $334,805,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Vanguard Group Inc. grew its stake in Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after acquiring an additional 1,301,624 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $52,643,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fifth Third Bancorp

In related news, Director Evan Bayh bought 3,000 shares of the stock in a transaction dated Monday, October 20th. The stock was acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Stephens set a $52.00 price target on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Wolfe Research upped their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Argus raised their target price on Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Wall Street Zen raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Piper Sandler cut their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.35.

Get Our Latest Research Report on FITB

Fifth Third Bancorp Trading Up 0.2%

NASDAQ FITB opened at $43.44 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $28.71 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.14 and a beta of 0.98. The firm has a 50 day simple moving average of $42.89 and a 200-day simple moving average of $42.30. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $48.50.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the previous year, the firm posted $0.78 EPS. Fifth Third Bancorp’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 30th. 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 yield of 3.7%. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

Fifth Third Bancorp Company Profile

(Free Report)

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.

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