Meiji Yasuda Asset Management Co Ltd. Takes $1.06 Million Position in Fifth Third Bancorp $FITB

Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 18,827 shares of the financial services provider’s stock, valued at approximately $1,061,000.

A number of other institutional investors and hedge funds have also modified their holdings of FITB. D.A. Davidson & CO. grew its position in shares of Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after buying an additional 20,862 shares during the period. Keybank National Association OH raised its position in shares of Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares during the period. Geode Capital Management LLC boosted its stake in Fifth Third Bancorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after acquiring an additional 96,656 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new position in Fifth Third Bancorp during the 4th quarter worth approximately $1,514,000. Finally, Fruth Investment Management grew its holdings in Fifth Third Bancorp by 335.2% during the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after purchasing an additional 20,957 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.2%

Shares of FITB stock opened at $54.91 on Tuesday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a fifty day moving average of $56.58 and a 200-day moving average of $51.98. The company has a market capitalization of $49.80 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Bank of America boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, DA Davidson lifted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

About Fifth Third Bancorp

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.