DnB Asset Management AS Raises Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

DnB Asset Management AS raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 120,343 shares of the financial services provider’s stock after buying an additional 2,812 shares during the quarter. DnB Asset Management AS’s holdings in Fifth Third Bancorp were worth $5,088,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. Midwest Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth $33,000. Finally, Y.D. More Investments Ltd grew its stake in shares of Fifth Third Bancorp by 118.5% in the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after buying an additional 449 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FITB shares. Morgan Stanley lowered their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Keefe, Bruyette & Woods upped their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Barclays raised their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Stephens reaffirmed an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.64.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $38.81 on Monday. The business has a 50 day moving average price of $42.18 and a 200 day moving average price of $43.53. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $25.93 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

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.