Resona Asset Management Co. Ltd. Purchases 77,371 Shares of Fifth Third Bancorp $FITB

Resona Asset Management Co. Ltd. raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 39.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 274,215 shares of the financial services provider’s stock after purchasing an additional 77,371 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $12,647,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Harbor Investment Advisory LLC raised its position in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp in the 4th quarter worth $29,000. Leonteq Securities AG bought a new position in Fifth Third Bancorp in the 4th quarter worth $30,000. Reflection Asset Management purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $30,000. Finally, EFG International AG purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $33,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $0.58 during midday trading on Friday, hitting $57.12. 4,443,803 shares of the company traded hands, compared to its average volume of 9,539,302. The stock has a market cap of $51.77 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 1.09 and a beta of 0.90. The firm has a 50 day moving average of $52.24 and a 200-day moving average of $50.27. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $58.51.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the business earned $0.71 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Morgan Stanley increased their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Barclays lifted their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. The Goldman Sachs Group boosted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Finally, Robert W. Baird upped their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.11.

About Fifth Third Bancorp

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.