Swedbank AB Purchases 19,629 Shares of Fifth Third Bancorp $FITB

Swedbank AB boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 284,396 shares of the financial services provider’s stock after acquiring an additional 19,629 shares during the quarter. Swedbank AB’s holdings in Fifth Third Bancorp were worth $11,697,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Commerce Bank raised its holdings in shares of Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after purchasing an additional 282 shares during the period. Orca Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock valued at $1,384,000 after buying an additional 294 shares in the last quarter. Meadow Creek Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after buying an additional 300 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in Fifth Third Bancorp by 0.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider’s stock valued at $3,222,000 after purchasing an additional 300 shares during the period. Finally, Independent Advisor Alliance lifted its holdings in shares of Fifth Third Bancorp by 2.1% during the 1st quarter. Independent Advisor Alliance now owns 15,254 shares of the financial services provider’s stock worth $598,000 after acquiring an additional 319 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.4%

Shares of NASDAQ FITB opened at $46.08 on Monday. The business has a 50-day moving average price of $43.70 and a 200 day moving average price of $40.19. The stock has a market cap of $30.50 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.5%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. 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 research note on Tuesday, June 10th. Truist Financial upped their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, Piper Sandler upped their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.13.

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.