Mitsubishi UFJ Asset Management Co. Ltd. Grows Stake in Fifth Third Bancorp (NASDAQ:FITB)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 8.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,060,604 shares of the financial services provider’s stock after acquiring an additional 87,063 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $44,959,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in FITB. Eads & Heald Wealth Management increased its stake in Fifth Third Bancorp by 3.0% in the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 235 shares during the last quarter. Valley National Advisers Inc. increased its position in shares of Fifth Third Bancorp by 3.6% in the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 236 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Fifth Third Bancorp by 4.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 246 shares in the last quarter. Brooklyn Investment Group lifted its position in Fifth Third Bancorp by 9.1% during the fourth quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 257 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Fifth Third Bancorp by 16.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock worth $79,000 after buying an additional 261 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Activity

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $38.81 on Friday. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. The firm has a market cap of $25.93 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.42 and a beta of 1.21. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average of $42.18 and a 200-day moving average of $43.51.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analyst Upgrades and Downgrades

FITB has been the topic of several research reports. Wells Fargo & Company lowered their price objective on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday. DA Davidson raised their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Truist Financial upped their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Morgan Stanley decreased their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.64.

Fifth Third Bancorp Profile

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.