Mirae Asset Global Investments Co. Ltd. Purchases 67,634 Shares of Fifth Third Bancorp $FITB

Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 10.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 685,501 shares of the financial services provider’s stock after purchasing an additional 67,634 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Fifth Third Bancorp worth $28,195,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Moody National Bank Trust Division boosted its stake in Fifth Third Bancorp by 1.5% in the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after buying an additional 271 shares in the last quarter. Commerce Bank boosted its stake in Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after buying an additional 282 shares in the last quarter. Orca Wealth Management LLC boosted its stake in Fifth Third Bancorp by 0.8% in the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock valued at $1,384,000 after buying an additional 294 shares in the last quarter. Meadow Creek Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 3.0% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after buying an additional 300 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in Fifth Third Bancorp by 0.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 300 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and boosted their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Piper Sandler boosted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Wolfe Research boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday. Robert W. Baird boosted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Trading Up 0.4%

FITB stock opened at $44.41 on Friday. The company has a market cap of $29.39 billion, a P/E ratio of 13.79, a PEG ratio of 1.41 and a beta of 0.95. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The business has a fifty day moving average of $44.10 and a 200-day moving average of $40.60.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Fifth Third Bancorp announced that its board has authorized a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.