Fifth Third Bancorp $FITB Shares Bought by Swedbank AB

Swedbank AB grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 264,767 shares of the financial services provider’s stock after buying an additional 5,607 shares during the period. Swedbank AB’s holdings in Fifth Third Bancorp were worth $10,379,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. HWG Holdings LP acquired a new position in Fifth Third Bancorp in the first quarter valued at $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the first quarter worth about $27,000. Larson Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 357 shares during the period. REAP Financial Group LLC lifted its stake in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 487 shares in the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on FITB. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Truist Financial increased their price objective 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. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, June 10th. Finally, 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 target for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $48.33.

Fifth Third Bancorp Trading Up 0.6%

NASDAQ FITB opened at $45.56 on Monday. The stock has a market cap of $30.16 billion, a P/E ratio of 14.15, a PEG ratio of 1.45 and a beta of 0.93. The company’s fifty day simple moving average is $43.49 and its 200-day simple moving average is $40.05. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 45.96%.

Fifth Third Bancorp Profile

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.