KLP Kapitalforvaltning AS Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

KLP Kapitalforvaltning AS acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 229,337 shares of the financial services provider's stock, valued at approximately $9,768,000.

A number of other hedge funds have also added to or reduced their stakes in FITB. Transamerica Financial Advisors Inc. boosted its stake in Fifth Third Bancorp by 7.5% during the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider's stock worth $143,000 after acquiring an additional 232 shares in the last quarter. Eads & Heald Wealth Management raised its stake in Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider's stock worth $347,000 after buying an additional 235 shares during the period. Valley National Advisers Inc. increased its holdings in shares of Fifth Third Bancorp by 3.6% during the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 236 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock worth $231,000 after purchasing an additional 246 shares in the last quarter. Finally, Brooklyn Investment Group grew its position in Fifth Third Bancorp by 9.1% in the 4th quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider's stock valued at $131,000 after purchasing an additional 257 shares during the period. 83.79% of the stock is currently owned by institutional investors.

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Fifth Third Bancorp Stock Up 0.2 %

Shares of FITB stock traded up $0.08 during trading hours on Thursday, hitting $40.25. 708,514 shares of the company's stock traded hands, compared to its average volume of 4,848,923. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock's fifty day simple moving average is $42.36 and its two-hundred day simple moving average is $43.54. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The stock has a market cap of $26.89 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The business 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 dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.68%. Fifth Third Bancorp's payout ratio is presently 47.13%.

Analyst Ratings Changes

FITB has been the subject of several recent research reports. Piper Sandler reissued an "overweight" rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. 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. Finally, DA Davidson increased their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. One investment 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 an average rating of "Hold" and a consensus price target of $46.86.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction 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 in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction 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 sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

About Fifth Third Bancorp

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.