Norges Bank Purchases Shares of 8,794,596 Fifth Third Bancorp (NASDAQ:FITB)

Norges Bank acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,794,596 shares of the financial services provider’s stock, valued at approximately $371,836,000.

A number of other large investors have also made changes to their positions in FITB. D.A. Davidson & CO. lifted its position in Fifth Third Bancorp by 1.4% in the third quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 289 shares during the period. FMR LLC boosted its position in shares of Fifth Third Bancorp by 5.7% during the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock valued at $72,511,000 after acquiring an additional 91,574 shares in the last quarter. Townsquare Capital LLC bought a new stake in Fifth Third Bancorp in the third quarter valued at about $804,000. CreativeOne Wealth LLC acquired a new position in Fifth Third Bancorp in the third quarter worth about $271,000. Finally, Fiduciary Trust Co lifted its stake in Fifth Third Bancorp by 36.8% during the third quarter. Fiduciary Trust Co now owns 26,755 shares of the financial services provider’s stock worth $1,146,000 after purchasing an additional 7,201 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FITB shares. Barclays upped their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Piper Sandler restated an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Citigroup dropped their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.64.

Fifth Third Bancorp Trading Down 2.4 %

Shares of NASDAQ:FITB opened at $38.81 on Friday. The firm has a market cap of $25.93 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. The company’s fifty day simple moving average is $42.18 and its 200 day simple moving average is $43.51. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, 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 transaction 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 $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

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.