DNB Asset Management AS Acquires 7,287 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Posted by Defense World Staff on Sep 25th, 2023

Fifth Third Bancorp logo DNB Asset Management AS lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 5.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 149,038 shares of the financial services provider’s stock after acquiring an additional 7,287 shares during the period. DNB Asset Management AS’s holdings in Fifth Third Bancorp were worth $3,906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. Franklin Resources Inc. lifted its holdings in shares of Fifth Third Bancorp by 15,491.4% during the 1st quarter. Franklin Resources Inc. now owns 8,875,110 shares of the financial services provider’s stock worth $236,433,000 after acquiring an additional 8,818,187 shares during the period. Price T Rowe Associates Inc. MD increased its position in Fifth Third Bancorp by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,477,138 shares of the financial services provider’s stock worth $1,229,625,000 after purchasing an additional 7,062,005 shares in the last quarter. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $185,924,000. BlackRock Inc. increased its position in Fifth Third Bancorp by 6.2% in the 1st quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock valued at $1,565,617,000 after acquiring an additional 3,448,642 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Fifth Third Bancorp by 45.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,883,809 shares of the financial services provider’s stock valued at $236,665,000 after acquiring an additional 2,794,239 shares during the period. Institutional investors own 77.96% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FITB. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. The Goldman Sachs Group increased their price objective on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Bank of America increased their target price on shares of Fifth Third Bancorp from $30.00 to $33.00 in a research note on Monday, July 24th. Raymond James began coverage on shares of Fifth Third Bancorp in a research note on Thursday, August 24th. They issued a “market perform” rating on the stock. Finally, Wedbush raised their price objective on shares of Fifth Third Bancorp from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $32.50.

Check Out Our Latest Analysis on FITB

Fifth Third Bancorp Price Performance

FITB opened at $25.70 on Monday. The company has a market capitalization of $17.50 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 0.93 and a beta of 1.21. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.78. The firm has a 50-day moving average price of $27.16 and a 200-day moving average price of $26.51. Fifth Third Bancorp has a twelve month low of $22.11 and a twelve month high of $38.06.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). Fifth Third Bancorp had a net margin of 22.66% and a return on equity of 16.92%. The company had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Saturday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.33. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.50%.

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.