Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FITB. Boston Partners raised 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 acquiring an additional 823,803 shares in the last quarter. Deutsche Bank AG boosted its holdings in Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock worth $86,535,000 after buying an additional 438,446 shares in the last quarter. AMJ Financial Wealth Management boosted its holdings in Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after buying an additional 9,401 shares in the last quarter. Heartland Bank & Trust Co acquired a new stake in Fifth Third Bancorp during the first quarter valued at $1,011,000. Finally, Banco Santander S.A. acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $357,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 1.7%

Shares of FITB traded up $0.71 during trading on Wednesday, reaching $43.15. 3,949,688 shares of the company traded hands, compared to its average volume of 4,570,783. The stock has a 50-day simple moving average of $38.40 and a 200-day simple moving average of $40.07. The stock has a market cap of $28.80 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.42 and a beta of 0.91. 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 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

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 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates 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 period last year, the business posted $0.70 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.37 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.43%. Fifth Third Bancorp's dividend payout ratio (DPR) is 46.98%.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on FITB shares. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Cowen began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Citigroup dropped their price target on 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. Truist Financial reduced their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company 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.