Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,211,245 shares of the financial services provider’s stock, valued at approximately $124,648,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.24% of Fifth Third Bancorp as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the company. Empowered Funds LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. grew its stake in Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new stake in Fifth Third Bancorp during the second quarter worth approximately $968,000. Institutional investors own 83.79% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Royal Bank Of Canada upped their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. UBS Group increased their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley raised their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.
Fifth Third Bancorp Trading Down 0.5%
FITB opened at $57.30 on Wednesday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The firm has a market capitalization of $51.96 billion, a PE ratio of 19.23, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company’s 50-day moving average is $56.47 and its 200 day moving average is $51.88.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. As a group, research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.
Fifth Third Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is presently 54.61%.
About Fifth Third Bancorp
Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.
On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.
Read More
- Five stocks we like better than Fifth Third Bancorp
- The AI Boom Is Turning This Cable Maker Into a Stock to Watch
- A Star Investor Just Trimmed Amazon—Here’s What It means
- Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look
- Home Depot Analysts See a Path to $375 and Beyond
Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB – Free Report).
Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
