Avanza Fonder AB Cuts Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Avanza Fonder AB trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 54,578 shares of the financial services provider’s stock after selling 1,465 shares during the period. Avanza Fonder AB’s holdings in Fifth Third Bancorp were worth $2,162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of FITB. Stratos Wealth Partners LTD. increased its holdings in shares of Fifth Third Bancorp by 23.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 11,206 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 2,163 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in Fifth Third Bancorp by 46.8% in the fourth quarter. Kingsview Wealth Management LLC now owns 16,825 shares of the financial services provider’s stock valued at $711,000 after buying an additional 5,366 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in Fifth Third Bancorp by 8.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 15,858 shares of the financial services provider’s stock valued at $670,000 after buying an additional 1,193 shares in the last quarter. Savant Capital LLC increased its holdings in Fifth Third Bancorp by 10.6% in the fourth quarter. Savant Capital LLC now owns 21,906 shares of the financial services provider’s stock valued at $926,000 after buying an additional 2,104 shares in the last quarter. Finally, Kentucky Trust Co purchased a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $987,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $39.14 on Thursday. 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 firm has a fifty day simple moving average of $36.85 and a 200-day simple moving average of $40.82. The company has a market capitalization of $26.13 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same period in the prior year, the company posted $0.70 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.78%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FITB. Citigroup dropped their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley dropped their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Truist Financial dropped their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, TD Cowen started coverage on shares of Fifth Third Bancorp in a research note on Thursday, May 15th. They set a “buy” rating and a $52.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus target price of $47.53.

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.