Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.4% during the fourth quarter, according to its most recent Form 13F filing 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 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at about $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $36,000. Finally, Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp during the 4th quarter worth approximately $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 2.4 %

FITB stock opened at $38.81 on Monday. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The business’s 50-day moving average is $42.18 and its 200 day moving average is $43.53. The company has a current ratio of 0.80, a quick 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 Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Barclays raised their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.64.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now 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 disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Company 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.