MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Stake in Fifth Third Bancorp (NASDAQ:FITB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 33.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 68,842 shares of the financial services provider's stock after selling 33,920 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Fifth Third Bancorp were worth $2,911,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Norges Bank acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $371,836,000. PL Capital Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock valued at $78,654,000 after purchasing an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $53,508,000. First Trust Advisors LP increased its stake in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after buying an additional 1,027,044 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $38,971,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction that occurred 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 in the company, valued at $5,698,778.80. The trade was a 14.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

FITB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods decreased their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Royal Bank of Canada reissued an "outperform" rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Barclays lowered their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. Finally, Piper Sandler restated an "overweight" rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $46.56.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $39.07 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The firm has a 50-day moving average of $36.99 and a two-hundred day moving average of $41.67. The stock has a market cap of $26.08 billion, a P/E ratio of 12.44, a PEG ratio of 1.42 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter last year, the company earned $0.70 earnings per share. On average, research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

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.

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