Resona Asset Management Co. Ltd. Grows Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• Resona Asset Management Co. Ltd. increased its stock holdings in Fifth Third Bancorp by 5.6%, owning a total of 205,032 shares worth approximately $8.03 million.
• Fifth Third Bancorp recently announced a quarterly dividend of $0.37 per share, resulting in an annualized yield of 3.5% and a payout ratio of 45.96%.
• Wall Street analysts have mixed opinions on Fifth Third Bancorp, with ratings ranging from strong buy to sell, and a consensus price target of $47.80.

Resona Asset Management Co. Ltd. increased its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 205,032 shares of the financial services provider's stock after purchasing an additional 10,826 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Fifth Third Bancorp were worth $8,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. HWG Holdings LP bought a new stake in Fifth Third Bancorp in the 1st quarter worth $27,000. Quarry LP bought a new stake in Fifth Third Bancorp in the 4th quarter worth $29,000. Larson Financial Group LLC grew its holdings in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after acquiring an additional 357 shares during the last quarter. REAP Financial Group LLC grew its holdings in Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares during the last quarter. Finally, Grove Bank & Trust grew its holdings in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after acquiring an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FITB shares. Barclays cut their price target on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. 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 on the stock in a research note on Monday, April 21st. Truist Financial cut their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued 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 a consensus price target of $47.80.

Fifth Third Bancorp Stock Performance

Shares of FITB traded down $0.70 during mid-day trading on Friday, hitting $42.48. 3,565,896 shares of the company traded hands, compared to its average volume of 4,646,444. 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 stock has a 50-day moving average price of $41.65 and a two-hundred day moving average price of $39.91. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The stock has a market cap of $28.12 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 1.38 and a beta of 0.91.

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp declared that its board has authorized a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.