Resona Asset Management Co. Ltd. Sells 12,516 Shares of Fifth Third Bancorp $FITB

Resona Asset Management Co. Ltd. lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 196,844 shares of the financial services provider’s stock after selling 12,516 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $9,250,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. AE Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 4.7% in the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares in the last quarter. Bahl & Gaynor Inc. lifted its position in shares of Fifth Third Bancorp by 18.0% in the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after purchasing an additional 24,566 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Fifth Third Bancorp by 2.4% in the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after purchasing an additional 48,080 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Fifth Third Bancorp by 3.2% in the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after purchasing an additional 39,261 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in shares of Fifth Third Bancorp by 26.6% in the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after purchasing an additional 340,030 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $49.16 on Friday. Fifth Third Bancorp has a one year low of $36.64 and a one year high of $55.44. The company has a market cap of $44.55 billion, a P/E ratio of 16.50, a P/E/G ratio of 1.00 and a beta of 0.94. The firm’s fifty day moving average price is $47.85 and its two-hundred day moving average price is $47.93. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.87. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the previous year, the company earned $0.71 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FITB shares. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Piper Sandler restated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Finally, DA Davidson restated a “buy” rating and set a $58.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 20th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently 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.