Nordea Investment Management AB Purchases 687,275 Shares of Fifth Third Bancorp $FITB

Nordea Investment Management AB raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 103.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,354,288 shares of the financial services provider’s stock after purchasing an additional 687,275 shares during the period. Nordea Investment Management AB’s holdings in Fifth Third Bancorp were worth $56,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Harbour Investments Inc. grew its stake in Fifth Third Bancorp by 11.9% in the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 263 shares during the last quarter. Moody National Bank Trust Division grew its stake in Fifth Third Bancorp by 1.5% in the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 271 shares during the last quarter. Commerce Bank grew its stake in Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after purchasing an additional 282 shares during the last quarter. BankPlus Trust Department grew its stake in Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 290 shares during the last quarter. Finally, Orca Wealth Management LLC grew its stake in Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock valued at $1,384,000 after purchasing an additional 294 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on FITB shares. Citigroup lifted their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Piper Sandler dropped their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Robert W. Baird boosted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. Finally, Wolfe Research boosted their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.35.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $40.89 on Friday. The business’s 50 day moving average price is $44.29 and its 200 day moving average price is $40.82. The firm has a market cap of $27.06 billion, a P/E ratio of 12.21, a P/E/G ratio of 1.11 and a beta of 0.95. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is currently 49.69%.

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.