Mitsubishi UFJ Trust & Banking Corp Has $17.06 Million Stock Holdings in Fifth Third Bancorp $FITB

Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 8.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 414,758 shares of the financial services provider’s stock after selling 38,999 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Fifth Third Bancorp were worth $17,059,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Allianz Asset Management GmbH increased its holdings in shares of Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after acquiring an additional 16,000 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares during the last quarter. Huntington National Bank boosted its position in Fifth Third Bancorp by 10.9% during the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after purchasing an additional 11,935 shares during the period. Resona Asset Management Co. Ltd. grew its holdings in Fifth Third Bancorp by 5.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 205,032 shares of the financial services provider’s stock valued at $8,025,000 after purchasing an additional 10,826 shares during the last quarter. Finally, Twin Capital Management Inc. grew its holdings in Fifth Third Bancorp by 107.2% during the first quarter. Twin Capital Management Inc. now owns 28,454 shares of the financial services provider’s stock valued at $1,115,000 after purchasing an additional 14,724 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $42.57 on Friday. The firm’s 50-day moving average is $43.54 and its 200-day moving average is $41.89. The company has a market cap of $28.14 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.14 and a beta of 0.98. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the business earned $0.78 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 47.76%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FITB. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 7th. Finally, DA Davidson boosted their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $50.35.

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.