Mirae Asset Global Investments Co. Ltd. Acquires 68,578 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Mirae Asset Global Investments Co. Ltd. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 617,867 shares of the financial services provider's stock after purchasing an additional 68,578 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Fifth Third Bancorp worth $23,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of FITB. Boston Partners grew its position in Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after buying an additional 823,803 shares during the period. Deutsche Bank AG grew its position in shares of Fifth Third Bancorp by 27.3% during the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after acquiring an additional 438,446 shares during the period. AMJ Financial Wealth Management grew its position in shares of Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock valued at $9,843,000 after acquiring an additional 9,401 shares during the period. Banco Santander S.A. bought a new position in Fifth Third Bancorp during the fourth quarter valued at $357,000. Finally, Heartland Bank & Trust Co bought a new position in Fifth Third Bancorp during the first quarter valued at $1,011,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $41.51 on Friday. The firm has a market capitalization of $27.71 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.43 and a beta of 0.90. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock has a fifty day moving average of $38.09 and a 200 day moving average of $40.12. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter last year, the company posted $0.70 EPS. On average, research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has initiated a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.57%. Fifth Third Bancorp's payout ratio is presently 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research reports. Stephens reissued an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price for the company in a research report on Monday, April 7th. Citigroup cut their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods cut their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Finally, Barclays cut their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average price target of $47.53.

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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