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

Posted by Defense World Staff on Jul 3rd, 2023

Fifth Third Bancorp logo Nordea Investment Management AB decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 48.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 435,091 shares of the financial services provider’s stock after selling 415,795 shares during the quarter. Nordea Investment Management AB owned approximately 0.06% of Fifth Third Bancorp worth $11,469,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. CI Investments Inc. boosted its holdings in Fifth Third Bancorp by 1,002.4% in the 3rd quarter. CI Investments Inc. now owns 915 shares of the financial services provider’s stock worth $29,000 after buying an additional 832 shares during the period. Heritage Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 1,048 shares of the financial services provider’s stock worth $34,000 after buying an additional 524 shares during the period. Boyd Watterson Asset Management LLC OH bought a new position in Fifth Third Bancorp in the 4th quarter worth $36,000. Grey Fox Wealth Advisors LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth $38,000. Finally, ICA Group Wealth Management LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth $38,000. Institutional investors own 77.14% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the subject of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a report on Friday, April 21st. Citigroup dropped their price objective on shares of Fifth Third Bancorp from $40.00 to $30.00 in a report on Monday, April 24th. Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $37.00 to $29.00 and set an “equal weight” rating for the company in a report on Wednesday, April 5th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 16th. Finally, UBS Group increased their price objective on shares of Fifth Third Bancorp from $29.00 to $31.00 in a report on Sunday, April 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $33.75.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh bought 5,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, May 3rd. The shares were acquired at an average cost of $24.82 per share, with a total value of $124,100.00. Following the completion of the transaction, the director now owns 73,700 shares in the company, valued at approximately $1,829,234. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.66% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $26.21 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.79 and a quick ratio of 0.78. Fifth Third Bancorp has a 1-year low of $22.11 and a 1-year high of $38.06. The firm has a market capitalization of $17.84 billion, a P/E ratio of 7.58, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18. The company’s 50-day moving average is $25.52 and its 200 day moving average is $29.77.

Fifth Third Bancorp (NASDAQ:FITB – Free Report) last posted its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Fifth Third Bancorp had a return on equity of 16.28% and a net margin of 24.39%. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period last year, the company earned $0.69 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Thursday, June 29th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 38.15%.

About Fifth Third Bancorp

(Free Report)

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. 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.