Fifth Third Bancorp $FITB Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 705,362 shares of the financial services provider’s stock after purchasing an additional 19,861 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fifth Third Bancorp were worth $31,424,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Fifth Third Bancorp in the second quarter worth $357,440,000. Invesco Ltd. boosted its position in Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Fifth Third Bancorp in the second quarter valued at about $52,643,000. Finally, Franklin Resources Inc. lifted its stake in shares of Fifth Third Bancorp by 20.7% during the second quarter. Franklin Resources Inc. now owns 7,240,976 shares of the financial services provider’s stock worth $297,821,000 after purchasing an additional 1,240,709 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FITB. Piper Sandler increased their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Argus increased their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Janney Montgomery Scott boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Evercore ISI set a $52.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 6th. Finally, UBS Group raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Tuesday, January 6th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $56.21.

Fifth Third Bancorp Stock Up 0.2%

FITB stock opened at $49.79 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a fifty day moving average price of $47.54 and a two-hundred day moving average price of $44.78. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $53.33. The firm has a market cap of $32.91 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.00 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The business had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%. Research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.

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.