Resona Asset Management Co. Ltd. Sells 12,516 Shares of Fifth Third Bancorp $FITB

Resona Asset Management Co. Ltd. cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 196,844 shares of the financial services provider’s stock after selling 12,516 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $9,250,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of FITB. Bank of America Corp DE boosted its holdings in Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after purchasing an additional 2,293,939 shares during the period. Alecta Tjanstepension Omsesidigt grew its holdings in shares of Fifth Third Bancorp by 130.6% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock worth $157,541,000 after purchasing an additional 1,907,400 shares during the last quarter. Capital World Investors grew its holdings in shares of Fifth Third Bancorp by 6.2% in 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 purchasing an additional 1,803,861 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Fifth Third Bancorp by 3,358.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,667,523 shares of the financial services provider’s stock worth $78,057,000 after purchasing an additional 1,619,314 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Fifth Third Bancorp by 27.0% in the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock worth $175,850,000 after purchasing an additional 840,094 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Up 0.6%

NASDAQ:FITB opened at $49.16 on Friday. Fifth Third Bancorp has a 1-year low of $36.64 and a 1-year high of $55.44. The business’s 50-day moving average price is $47.85 and its two-hundred day moving average price is $47.93. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $44.55 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 1.00 and a beta of 0.94.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the firm earned $0.71 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.3%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 transaction, 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, 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. 0.51% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FITB. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Jefferies Financial Group upped their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, DA Davidson reissued a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 20th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.19.

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.