SBI Okasan Asset Management Co.Ltd. Takes $1.51 Million Position in Fifth Third Bancorp $FITB

SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 31,650 shares of the financial services provider’s stock, valued at approximately $1,514,000.

Several other institutional investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its position in shares of Fifth Third Bancorp by 4.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 187 shares during the last quarter. Koshinski Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 3.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after buying an additional 206 shares during the last quarter. Keybank National Association OH grew its position in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after buying an additional 214 shares during the last quarter. Austin Private Wealth LLC grew its position in shares of Fifth Third Bancorp by 2.7% in the 4th quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider’s stock worth $407,000 after buying an additional 228 shares during the last quarter. Finally, Wealthquest Corp lifted its stake in shares of Fifth Third Bancorp by 2.3% in the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 244 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Down 0.0%

Shares of NASDAQ:FITB opened at $49.88 on Friday. The stock has a fifty day simple moving average of $48.41 and a two-hundred day simple moving average of $48.19. The stock has a market capitalization of $45.21 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.02 and a beta of 0.94. Fifth Third Bancorp has a 12-month low of $37.28 and a 12-month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FITB. Truist Financial set a $57.00 target price on Fifth Third Bancorp in a research note on Tuesday, April 21st. Wolfe Research lowered their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Weiss Ratings cut Fifth Third Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Company Profile

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.