Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Mirae Asset Global Investments Co. Ltd. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 460,549 shares of the financial services provider's stock after acquiring an additional 55,081 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of Fifth Third Bancorp worth $19,776,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FITB. Hexagon Capital Partners LLC lifted its stake in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 312 shares during the period. American Capital Advisory LLC acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $34,000. Centerpoint Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 750 shares during the period. Family Firm Inc. acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $52,000. Finally, West Oak Capital LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $68,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an "in-line" rating in a research note on Wednesday, October 2nd. Argus upped their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a "buy" rating in a research report on Wednesday, July 3rd. Royal Bank of Canada upped their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an "outperform" rating in a research report on Monday, July 22nd. Finally, StockNews.com upgraded shares of Fifth Third Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, October 21st. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.28.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares of the company's stock, valued at $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Fifth Third Bancorp Trading Down 1.9 %

Shares of FITB traded down $0.84 during mid-day trading on Friday, reaching $43.22. The stock had a trading volume of 6,405,854 shares, compared to its average volume of 4,167,749. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 52-week low of $22.75 and a 52-week high of $45.71. The business's fifty day moving average is $42.54 and its 200 day moving average is $39.41. The firm has a market cap of $29.25 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 2.09 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its 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 company 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 14.58% and a net margin of 16.58%. The company's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.92 EPS. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.33 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.42%. The ex-dividend date was Monday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.35. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.17%.

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.