Fifth Third Bancorp (NASDAQ:FITB) Stock Holdings Trimmed by DnB Asset Management AS

DnB Asset Management AS lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 0.4% during the 2nd quarter, Holdings Channel reports. The fund owned 114,905 shares of the financial services provider’s stock after selling 485 shares during the period. DnB Asset Management AS’s holdings in Fifth Third Bancorp were worth $3,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in FITB. Riverview Trust Co bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $28,000. Johnson Financial Group Inc. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $31,000. Wagner Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 82.5% in the 4th quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider’s stock worth $35,000 after buying an additional 359 shares in the last quarter. Covestor Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $37,000. Finally, James Reed Financial Services Inc. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $42,000. Institutional investors own 81.33% of the company’s stock.

Insider Activity

In other news, Director Mitchell Feiger sold 8,734 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $35.20, for a total transaction of $307,436.80. Following the transaction, the director now owns 11,030 shares of the company’s stock, valued at approximately $388,256. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.67% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of research reports. Jefferies Financial Group dropped their price objective on Fifth Third Bancorp from $47.00 to $39.00 in a research note on Monday, July 11th. Piper Sandler reduced their target price on Fifth Third Bancorp to $40.00 in a report on Friday, July 22nd. The Goldman Sachs Group reduced their target price on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating for the company in a report on Tuesday, May 31st. Morgan Stanley reduced their target price on Fifth Third Bancorp from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Tuesday, July 12th. Finally, Robert W. Baird raised Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 target price for the company in a report on Friday, June 17th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $45.47.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $35.44 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.76 and a quick ratio of 0.75. Fifth Third Bancorp has a fifty-two week low of $31.80 and a fifty-two week high of $50.64. The stock’s 50-day moving average is $34.80 and its two-hundred day moving average is $37.58. The firm has a market cap of $24.32 billion, a P/E ratio of 10.71, a PEG ratio of 1.20 and a beta of 1.25.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.11). Fifth Third Bancorp had a net margin of 29.09% and a return on equity of 12.99%. During the same period last year, the business posted $0.94 EPS. Analysts predict that Fifth Third Bancorp will post 3.54 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.33 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.72%. Fifth Third Bancorp’s dividend payout ratio is currently 36.25%.

Fifth Third Bancorp Profile

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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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