Mitsubishi UFJ Asset Management Co. Ltd. Has $66.23 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Fifth Third Bancorp by 6.0% to 1,388,091 shares, worth about $66.23 million (roughly 0.21% of the company) per its latest SEC filing.
• Earnings and dividend: Fifth Third reported $0.83 EPS (beating estimates by $0.87) and paid a $0.40 quarterly dividend (annualized $1.60), implying a ~3.2% yield.
• Market view and ownership: Institutional investors hold about 83.8% of the stock, several executives recently sold shares, and analysts show a consensus "Moderate Buy" with a $57.19 target price.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,388,091 shares of the financial services provider's stock after acquiring an additional 78,168 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.21% of Fifth Third Bancorp worth $66,226,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. increased its position in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 292 shares during the period. Harbor Investment Advisory LLC increased its position in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 517 shares during the period. United Community Bank increased its position in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after buying an additional 581 shares during the period. Quest 10 Wealth Builders Inc. increased its position in shares of Fifth Third Bancorp by 619.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock worth $34,000 after buying an additional 632 shares during the period. Finally, Salomon & Ludwin LLC increased its position in shares of Fifth Third Bancorp by 77.6% during the fourth quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock worth $36,000 after buying an additional 322 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 2.3%

NASDAQ:FITB opened at $49.67 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $45.02 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.04 and a beta of 0.94. The firm has a fifty day simple moving average of $48.03 and a two-hundred day simple moving average of $47.50. Fifth Third Bancorp has a 12 month low of $36.64 and a 12 month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The business had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period last year, the company posted $0.71 earnings per share. Analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Citigroup increased their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. Wall Street Zen cut shares of Fifth Third Bancorp from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 21st. Finally, Piper Sandler reiterated an "overweight" rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $57.19.

Fifth Third Bancorp Company Profile

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.

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