Norges Bank Invests $371.84 Million in Fifth Third Bancorp (NASDAQ:FITB)

Norges Bank acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,794,596 shares of the financial services provider’s stock, valued at approximately $371,836,000. Norges Bank owned 1.31% of Fifth Third Bancorp as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FITB. PL Capital Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after buying an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $53,508,000. Raymond James Financial Inc. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $38,971,000. Boston Partners lifted its holdings in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after purchasing an additional 812,385 shares during the period. Institutional investors own 83.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale 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 company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of 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 price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company’s fifty day moving average is $42.18 and its 200-day 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 has a 12 month low of $33.82 and a 12 month high of $49.07.

Fifth Third Bancorp Announces Dividend

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

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Barclays upped their price objective 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. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company decreased their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Stephens reissued an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.64.

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.