SBI Okasan Asset Management Co.Ltd. Acquires Shares of 31,650 Fifth Third Bancorp $FITB

Key Points

• SBI Okasan Asset Management opened a new position in Fifth Third Bancorp, buying 31,650 shares worth about $1.51 million in the fourth quarter.
• Fifth Third Bancorp reported better-than-expected Q1 earnings, posting $0.83 per share versus a consensus estimate of a loss, though revenue came in slightly below expectations at $2.83 billion.
• The bank continues to return cash to shareholders, paying a $0.40 quarterly dividend for a 3.2% annualized yield, while analysts maintain a Moderate Buy consensus with a $57.19 price target.

SBI Okasan Asset Management Co.Ltd. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 31,650 shares of the financial services provider's stock, valued at approximately $1,514,000.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock worth $3,929,647,000 after acquiring an additional 637,207 shares during the period. Capital World Investors grew its stake in shares of Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider's stock worth $1,373,490,000 after acquiring an additional 1,803,861 shares during the period. Invesco Ltd. grew its stake in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider's stock worth $945,556,000 after acquiring an additional 546,914 shares during the period. Geode Capital Management LLC grew its stake in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock worth $848,672,000 after acquiring an additional 96,656 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock worth $714,457,000 after acquiring an additional 2,293,939 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $49.88 on Friday. The stock's 50-day simple moving average is $48.41 and its 200 day simple moving average is $48.19. The stock has a market capitalization of $45.21 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 1.02 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $37.28 and a 52-week high of $55.44.

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. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.91 billion. During the same quarter last year, the firm posted $0.71 EPS. Research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

Analysts Set New Price Targets

FITB has been the subject of several research reports. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. The Goldman Sachs Group increased their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Evercore increased their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. JPMorgan Chase & Co. increased their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a report on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.19.

Insider Activity

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

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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