AMF Tjanstepension AB Makes New $9.48 Million Investment in Fifth Third Bancorp (NASDAQ:FITB)

AMF Tjanstepension AB purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 224,098 shares of the financial services provider’s stock, valued at approximately $9,477,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Arjuna Capital raised its stake in shares of Fifth Third Bancorp by 102.2% during the 4th quarter. Arjuna Capital now owns 17,387 shares of the financial services provider’s stock worth $735,000 after buying an additional 8,786 shares during the last quarter. Davis Selected Advisers raised its stake in shares of Fifth Third Bancorp by 0.4% during the 4th quarter. Davis Selected Advisers now owns 2,444,176 shares of the financial services provider’s stock worth $103,340,000 after buying an additional 8,640 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Fifth Third Bancorp by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 263,510 shares of the financial services provider’s stock worth $11,141,000 after buying an additional 2,471 shares during the last quarter. Banco Santander S.A. acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $357,000. Finally, Andra AP fonden raised its stake in shares of Fifth Third Bancorp by 1,645.6% during the 4th quarter. Andra AP fonden now owns 199,000 shares of the financial services provider’s stock worth $8,414,000 after buying an additional 187,600 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Stephens reissued an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday. Citigroup boosted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $47.31.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, 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 transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Up 0.5 %

Shares of NASDAQ:FITB opened at $40.06 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The stock has a market capitalization of $26.66 billion, a P/E ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21. The stock has a 50-day simple moving average of $43.23 and a 200-day simple moving average of $43.79.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

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.