KLP Kapitalforvaltning AS Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

KLP Kapitalforvaltning AS acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 229,337 shares of the financial services provider’s stock, valued at approximately $9,768,000.

A number of other large investors also recently modified their holdings of the company. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $25,000. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $28,000. BankPlus Trust Department purchased a new position in Fifth Third Bancorp in the 4th quarter worth $29,000. Midwest Capital Advisors LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth $33,000. Finally, Y.D. More Investments Ltd boosted its position in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after buying an additional 449 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FITB. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. 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 research note on Wednesday, January 22nd. Stephens reissued 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. DA Davidson lifted their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Barclays increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $46.86.

Insider Buying and Selling

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Price Performance

FITB opened at $40.25 on Tuesday. 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 company has a market cap of $26.89 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The stock has a fifty day simple moving average of $42.50 and a two-hundred day simple moving average of $43.57. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.68%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

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.