Mitsubishi UFJ Trust & Banking Corp Decreases Holdings in Fifth Third Bancorp $FITB

Key Points

• Mitsubishi UFJ Trust & Banking cut its stake in Fifth Third by 47.6% in Q4, selling 255,864 shares and ending with 282,034 shares worth about $13.2 million.
• Analysts are broadly positive—one Strong Buy, 17 Buys and three Holds—giving the stock an average price target of $57.19 and a consensus rating of "Moderate Buy."
• Fifth Third beat quarterly EPS estimates with $0.83 per share and recently paid a $0.40 quarterly dividend (roughly a 3.2% yield).

Mitsubishi UFJ Trust & Banking Corp cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 47.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 282,034 shares of the financial services provider's stock after selling 255,864 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Fifth Third Bancorp were worth $13,202,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FITB. Empowered Funds LLC raised its stake in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP raised its stake in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock worth $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after acquiring an additional 759 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after acquiring an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Fifth Third Bancorp during the second quarter worth approximately $968,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. TD Cowen reaffirmed a "buy" rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Barclays lifted their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. UBS Group reaffirmed a "buy" rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Finally, Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $57.19.

Insider Buying and Selling at Fifth Third Bancorp

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

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $50.46 on Friday. The stock has a market cap of $45.70 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.04 and a beta of 0.94. The firm's fifty day simple moving average is $48.11 and its 200 day simple moving average is $47.25. Fifth Third Bancorp has a twelve month low of $36.48 and a twelve month high of $55.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.87. The business had revenue of $2.86 billion for 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 quarter in the previous year, the business posted $0.71 earnings per share. As a group, research analysts predict that Fifth Third Bancorp will post 4.09 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.2%. Fifth Third Bancorp's payout ratio is 53.69%.

Fifth Third Bancorp 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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.