Sumitomo Mitsui DS Asset Management Company Ltd Acquires 2,200 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 72,851 shares of the financial services provider’s stock after acquiring an additional 2,200 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fifth Third Bancorp were worth $3,121,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Park National Corp OH lifted its stake in shares of Fifth Third Bancorp by 15.0% in the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after acquiring an additional 5,411 shares during the period. M&G Plc bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $1,254,000. Plato Investment Management Ltd acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $639,000. Russell Investments Group Ltd. raised its stake in Fifth Third Bancorp by 9.1% during the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after buying an additional 26,194 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Fifth Third Bancorp by 2.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock valued at $30,796,000 after buying an additional 18,208 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FITB. Royal Bank of Canada increased their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Argus lifted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Jefferies Financial Group boosted their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Bank of America raised their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Evercore ISI increased their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $41.78.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $44.67 on Monday. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $45.71. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $30.56 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The stock’s fifty day simple moving average is $42.15 and its two-hundred day simple moving average is $39.12.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 earnings per share. As a group, analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.37 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Insiders Place Their Bets

In related news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the sale, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,000 shares of company stock valued at $2,169,920. Insiders own 0.50% of the company’s stock.

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.