Mitsubishi UFJ Asset Management Co. Ltd. Buys 103,098 Shares of Fifth Third Bancorp $FITB

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 8.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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. owned about 0.19% of Fifth Third Bancorp worth $53,248,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of FITB. Allianz Asset Management GmbH grew its stake in Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after purchasing an additional 16,000 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in shares of Fifth Third Bancorp by 5.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 205,032 shares of the financial services provider’s stock worth $8,025,000 after purchasing an additional 10,826 shares during the period. Huntington National Bank lifted its holdings in shares of Fifth Third Bancorp by 10.9% during the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after purchasing an additional 11,935 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Fifth Third Bancorp by 8.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after buying an additional 654,746 shares during the last quarter. Finally, Twin Capital Management Inc. increased its holdings in Fifth Third Bancorp by 107.2% in the 1st quarter. Twin Capital Management Inc. now owns 28,454 shares of the financial services provider’s stock worth $1,115,000 after buying an additional 14,724 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Evan Bayh acquired 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares in the company, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on FITB shares. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Janney Montgomery Scott upped their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Piper Sandler reduced their price objective 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, UBS Group boosted their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.35.

Fifth Third Bancorp Stock Up 0.8%

FITB opened at $42.87 on Monday. The company has a market cap 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 has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a 50-day moving average price of $43.83 and a 200 day moving average price of $41.72. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the firm posted $0.78 EPS. Fifth Third Bancorp’s revenue was up 7.9% compared to the same quarter last year. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

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

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.