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

Nordea Investment Management AB lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 6.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,032,426 shares of the financial services provider’s stock after selling 73,327 shares during the quarter. Nordea Investment Management AB’s holdings in Fifth Third Bancorp were worth $45,788,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FITB. Northern Oak Wealth Management Inc. increased its holdings in Fifth Third Bancorp by 12.0% in the 4th quarter. Northern Oak Wealth Management Inc. now owns 1,948 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 208 shares in the last quarter. Farmers & Merchants Investments Inc. increased its holdings in Fifth Third Bancorp by 2.1% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 10,280 shares of the financial services provider’s stock worth $448,000 after acquiring an additional 215 shares in the last quarter. United Capital Financial Advisers LLC increased its holdings in Fifth Third Bancorp by 2.2% in the 3rd quarter. United Capital Financial Advisers LLC now owns 10,371 shares of the financial services provider’s stock worth $440,000 after acquiring an additional 224 shares in the last quarter. Checchi Capital Advisers LLC increased its holdings in Fifth Third Bancorp by 4.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 6,779 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 260 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in Fifth Third Bancorp by 2.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 12,352 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 273 shares in the last quarter. 81.00% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently issued reports on FITB. Citigroup reissued a “neutral” rating on shares of Fifth Third Bancorp in a report on Thursday, March 24th. Wells Fargo & Company raised shares of Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $52.00 price objective for the company in a report on Thursday, April 28th. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 price objective for the company in a report on Friday, June 17th. StockNews.com started coverage on shares of Fifth Third Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. Finally, The Goldman Sachs Group cut their price objective on shares of Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating for the company in a report on Tuesday, May 31st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $48.36.

Shares of FITB opened at $34.46 on Thursday. The company has a market cap of $23.56 billion, a PE ratio of 9.87, a P/E/G ratio of 1.13 and a beta of 1.30. The business has a fifty day moving average of $37.38 and a 200 day moving average of $42.64. Fifth Third Bancorp has a 52-week low of $33.00 and a 52-week high of $50.64. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.60.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.94 billion. Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. During the same quarter in the prior year, the business earned $0.93 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.64 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.48%. Fifth Third Bancorp’s payout ratio is 34.38%.

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $36.93, for a total value of $92,325.00. Following the sale, the executive vice president now owns 45,844 shares in the company, valued at $1,693,018.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Greg D. Carmichael sold 50,000 shares of the stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $40.05, for a total value of $2,002,500.00. Following the completion of the sale, the chief executive officer now owns 644,745 shares in the company, valued at approximately $25,822,037.25. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

Fifth Third Bancorp Company Profile (Get Rating)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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