Mirae Asset Global Investments Co. Ltd. Purchases 1,184,622 Shares of Fifth Third Bancorp $FITB

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,184,622 shares of the financial services provider’s stock, valued at approximately $59,918,000. Mirae Asset Global Investments Co. Ltd. owned about 0.13% of Fifth Third Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. D.A. Davidson & CO. raised its position in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after purchasing an additional 20,862 shares in the last quarter. Bank of America Corp DE acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth $995,717,000. Keybank National Association OH boosted its stake in Fifth Third Bancorp by 33.2% in the first 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 in the last quarter. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in Fifth Third Bancorp in the second quarter valued at approximately $4,222,000. Finally, Saudi Central Bank raised its position in Fifth Third Bancorp by 91.0% in the 2nd quarter. Saudi Central Bank now owns 63,390 shares of the financial services provider’s stock valued at $3,573,000 after purchasing an additional 30,201 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares in the company, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Up 0.0%

FITB opened at $53.88 on Monday. The firm has a market cap of $48.86 billion, a P/E ratio of 18.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business has a 50 day moving average price of $52.75 and a 200 day moving average price of $52.02. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The business’s quarterly revenue was up 42.4% compared to the same quarter last year. Research analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.42 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio is 57.53%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. DA Davidson upped their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. UBS Group dropped their price target on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Citigroup increased their target price on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Wednesday, October 21st. Finally, Bank of America raised their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $60.87.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.