Mirae Asset Global Investments Co. Ltd. Buys 88,740 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 19.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 549,289 shares of the financial services provider's stock after purchasing an additional 88,740 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.08% of Fifth Third Bancorp worth $23,564,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider's stock valued at $889,978,000 after buying an additional 732,651 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider's stock worth $371,837,000 after purchasing an additional 399,827 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock valued at $242,713,000 after acquiring an additional 409,292 shares during the period. Smead Capital Management Inc. increased its holdings in Fifth Third Bancorp by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock valued at $95,278,000 after purchasing an additional 75,024 shares during the period. Finally, Zacks Investment Management increased its stake in shares of Fifth Third Bancorp by 10.0% during the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock valued at $74,450,000 after buying an additional 158,067 shares during the period. Institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

FITB has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Baird R W cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 21st. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Piper Sandler reiterated an "overweight" rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, DA Davidson raised their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $46.75.

Fifth Third Bancorp Trading Down 0.6 %

FITB traded down $0.26 on Friday, hitting $44.04. The company had a trading volume of 3,146,256 shares, compared to its average volume of 4,714,024. The company has a market cap of $29.53 billion, a PE ratio of 14.03, a PEG ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The business's fifty day simple moving average is $44.06 and its 200 day simple moving average is $43.45. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.36%. Fifth Third Bancorp's payout ratio is presently 47.13%.

About Fifth Third Bancorp

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.