Daiichi Life Insurance Co. Ltd. Makes New Investment in Fifth Third Bancorp $FITB

Daiichi Life Insurance Co. Ltd. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 24,874 shares of the financial services provider’s stock, valued at approximately $1,402,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FITB. Empowered Funds LLC increased its holdings in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP increased its holdings in Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 759 shares during the period. Brown Advisory Inc. grew its holdings in shares of Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $968,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $54.76 on Monday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The business has a fifty day simple moving average of $56.54 and a 200-day simple moving average of $51.97. 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 company has a market cap of $49.66 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.88 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

FITB has been the subject of several research reports. DA Davidson lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Truist Financial upped their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Finally, Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. One investment 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 data from MarketBeat.com, the company presently 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.