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

Key Points

• Mitsubishi UFJ Asset Management has increased its holdings in Fifth Third Bancorp by 12.3%, owning 1,191,535 shares worth approximately $46.71 million as of the last quarter.
• Fifth Third Bancorp has announced a quarterly dividend of $0.37 per share, resulting in a 3.6% dividend yield, and has initiated a stock buyback plan allowing for the repurchase of up to 100 million shares.
• Analysts have mixed ratings on Fifth Third Bancorp, with a consensus rating of "Moderate Buy" and an average price target of $47.80, despite differing price objectives from several financial institutions.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,191,535 shares of the financial services provider's stock after buying an additional 130,931 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Fifth Third Bancorp worth $46,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FITB. Commerce Bank lifted its stake in shares of Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider's stock valued at $1,581,000 after acquiring an additional 282 shares during the last quarter. Orca Wealth Management LLC raised its position in Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider's stock valued at $1,384,000 after purchasing an additional 294 shares during the last quarter. Meadow Creek Wealth Advisors LLC raised its position in Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 300 shares during the last quarter. Gotham Asset Management LLC raised its position in Fifth Third Bancorp by 2.3% during the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider's stock valued at $597,000 after purchasing an additional 316 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its position in Fifth Third Bancorp by 0.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider's stock valued at $2,161,000 after purchasing an additional 322 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded down $0.17 during mid-day trading on Thursday, hitting $42.81. The stock had a trading volume of 1,063,412 shares, compared to its average volume of 4,987,203. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day moving average of $41.49 and a two-hundred day moving average of $39.97. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The firm has a market cap of $28.34 billion, a PE ratio of 13.29, a PEG ratio of 1.37 and a beta of 0.91.

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Wall Street Analyst Weigh In

A number of research firms have commented on FITB. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Keefe, Bruyette & Woods lowered their price target on 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. Jefferies Financial Group started coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. TD Cowen started coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 target price for the company. Finally, Cowen started coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Company 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.