Handelsbanken Fonder AB Has $4.21 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Handelsbanken Fonder AB lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.3% during the first quarter, HoldingsChannel reports. The fund owned 107,460 shares of the financial services provider’s stock after selling 2,476 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fifth Third Bancorp were worth $4,212,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FITB. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $28,000. BankPlus Trust Department bought a new position in Fifth Third Bancorp in the 4th quarter worth about $29,000. Quarry LP purchased a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Midwest Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $33,000. Finally, REAP Financial Group LLC boosted its position in shares of Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 487 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Down 2.6%

NASDAQ:FITB opened at $37.98 on Friday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a 50 day simple moving average of $37.03 and a two-hundred day simple moving average of $40.68. 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 $25.35 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the business posted $0.70 EPS. Research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.90%. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FITB. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 target price for the company. Barclays decreased their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Cowen started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.53.

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.