Resona Asset Management Co. Ltd. Invests $8.23 Million in Fifth Third Bancorp (NASDAQ:FITB)

Resona Asset Management Co. Ltd. purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 194,206 shares of the financial services provider's stock, valued at approximately $8,228,000.

Several other large investors have also made changes to their positions in FITB. Retirement Wealth Solutions LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $28,000. BankPlus Trust Department bought a new stake in Fifth Third Bancorp in the fourth quarter worth $29,000. Midwest Capital Advisors LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth $33,000. Finally, Y.D. More Investments Ltd raised its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after buying an additional 449 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FITB. Barclays upped their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. DA Davidson increased 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. Wells Fargo & Company dropped their price target on Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Morgan Stanley lowered their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. cut their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.12.

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Fifth Third Bancorp Stock Performance

FITB stock traded up $0.01 during midday trading on Friday, reaching $33.84. 5,836,563 shares of the company were exchanged, compared to its average volume of 4,466,293. The firm has a market capitalization of $22.61 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The business has a 50-day moving average price of $40.10 and a two-hundred day moving average price of $42.94. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 4.37%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company's stock.

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.