Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,651 shares of the financial services provider’s stock after purchasing an additional 838 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fifth Third Bancorp were worth $2,578,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Bailard Inc. boosted its holdings in shares of Fifth Third Bancorp by 0.5% in the 2nd quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 264 shares during the last quarter. SVB Wealth LLC boosted its holdings in Fifth Third Bancorp by 3.8% in the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Fifth Third Bancorp by 3.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock worth $294,000 after purchasing an additional 300 shares during the period. Signaturefd LLC grew its holdings in Fifth Third Bancorp by 2.6% during the second quarter. Signaturefd LLC now owns 12,424 shares of the financial services provider’s stock worth $453,000 after acquiring an additional 314 shares during the period. Finally, Lcnb Corp raised its position in Fifth Third Bancorp by 1.7% during the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after acquiring an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FITB shares. Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Royal Bank of Canada raised their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Morgan Stanley raised their target price on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.56.

Fifth Third Bancorp Trading Up 1.2 %

Shares of FITB opened at $42.69 on Friday. The firm’s fifty day moving average is $39.41 and its two-hundred day moving average is $37.22. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $29.20 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the firm earned $0.87 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.28%. The ex-dividend date was Friday, June 28th. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $835,400.00. Following the completion of the sale, the executive vice president now directly owns 125,087 shares in the company, valued at $5,224,883.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The disclosure for this sale can be found here. Insiders have sold 54,500 shares of company stock valued at $2,269,920 over the last ninety days. Company insiders own 0.50% of the company’s stock.

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.