Norges Bank Purchases New Stake in Fifth Third Bancorp (NASDAQ:FITB)

Norges Bank purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,871,903 shares of the financial services provider’s stock, valued at approximately $217,028,000. Norges Bank owned about 1.10% of Fifth Third Bancorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Penserra Capital Management LLC raised its holdings in Fifth Third Bancorp by 26.6% in the 4th quarter. Penserra Capital Management LLC now owns 1,506 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 316 shares in the last quarter. Hengehold Capital Management LLC raised its holdings in Fifth Third Bancorp by 2.3% in the 4th quarter. Hengehold Capital Management LLC now owns 15,544 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 348 shares in the last quarter. LexAurum Advisors LLC raised its holdings in Fifth Third Bancorp by 1.4% in the 4th quarter. LexAurum Advisors LLC now owns 28,532 shares of the financial services provider’s stock worth $787,000 after purchasing an additional 389 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Fifth Third Bancorp by 0.5% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 86,761 shares of the financial services provider’s stock worth $2,392,000 after purchasing an additional 413 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in Fifth Third Bancorp by 0.7% in the 4th quarter. Legacy Financial Advisors Inc. now owns 63,302 shares of the financial services provider’s stock worth $1,745,000 after purchasing an additional 431 shares in the last quarter. Institutional investors and hedge funds own 79.19% of the company’s stock.

Shares of NASDAQ:FITB opened at $38.40 on Thursday. The firm’s 50 day moving average price is $36.88 and its 200-day moving average price is $29.18. Fifth Third Bancorp has a twelve month low of $14.47 and a twelve month high of $40.46. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $27.30 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 1.54 and a beta of 1.63.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Wednesday, January 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.14. Fifth Third Bancorp had a net margin of 17.50% and a return on equity of 7.52%. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter in the prior year, the business earned $0.68 EPS. Analysts expect that Fifth Third Bancorp will post 1.91 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Tuesday, March 30th. Fifth Third Bancorp’s payout ratio is 38.99%.

In other Fifth Third Bancorp news, Director Mitchell Feiger sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $38.20, for a total transaction of $2,292,000.00. Following the sale, the director now owns 3,271 shares in the company, valued at approximately $124,952.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Margaret B. Jula sold 19,918 shares of the firm’s stock in a transaction that occurred on Friday, March 12th. The stock was sold at an average price of $39.01, for a total transaction of $777,001.18. Following the sale, the executive vice president now owns 33,259 shares in the company, valued at approximately $1,297,433.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,936 shares of company stock worth $3,779,352. 0.52% of the stock is owned by company insiders.

Several research analysts have commented on FITB shares. Stephens upped their price objective on shares of Fifth Third Bancorp from $36.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, March 30th. Bank of America upped their target price on shares of Fifth Third Bancorp from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, January 22nd. The Goldman Sachs Group raised shares of Fifth Third Bancorp from a “buy” rating to a “conviction-buy” rating in a research report on Friday, March 5th. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $28.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, April 1st. Finally, TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b-” rating in a report on Tuesday, March 9th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Buy” and a consensus target price of $33.67.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. 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.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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