Fifth Third Bancorp $FITB Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 8.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,294,633 shares of the financial services provider’s stock after purchasing an additional 103,098 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $53,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Aviva PLC grew its holdings in Fifth Third Bancorp by 6.4% in the 2nd quarter. Aviva PLC now owns 499,266 shares of the financial services provider’s stock valued at $20,535,000 after buying an additional 30,119 shares in the last quarter. Prospera Financial Services Inc boosted its position in shares of Fifth Third Bancorp by 2.8% during the 2nd quarter. Prospera Financial Services Inc now owns 31,442 shares of the financial services provider’s stock valued at $1,294,000 after acquiring an additional 869 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 23.5% in the first quarter. Summit Investment Advisors Inc. now owns 63,095 shares of the financial services provider’s stock valued at $2,473,000 after purchasing an additional 11,986 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp during the second quarter worth about $32,000. Finally, Penserra Capital Management LLC increased its position in Fifth Third Bancorp by 10.7% during the second quarter. Penserra Capital Management LLC now owns 3,622 shares of the financial services provider’s stock worth $148,000 after purchasing an additional 349 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.8%

Fifth Third Bancorp stock opened at $42.87 on Monday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day moving average price of $43.83 and a 200 day moving average price of $41.72. The company has a market capitalization of $28.34 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. The firm’s revenue was up 7.9% compared to the same quarter last year. Research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.7%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Insiders Place Their Bets

In other news, Director Evan Bayh bought 3,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was bought at an average cost of $41.22 per share, with a total value of $123,660.00. Following the transaction, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on FITB shares. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Janney Montgomery Scott lifted their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. UBS Group increased their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Piper Sandler cut their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.35.

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.