Mirae Asset Global Investments Co. Ltd. Makes New $59.92 Million Investment in Fifth Third Bancorp $FITB

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,184,622 shares of the financial services provider’s stock, valued at approximately $59,918,000.

Other large investors have also added to or reduced their stakes in the company. Profund Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 6.9% in the 3rd quarter. Profund Advisors LLC now owns 10,161 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 659 shares in the last quarter. Vise Technologies Inc. grew its position in shares of Fifth Third Bancorp by 38.3% in the 3rd quarter. Vise Technologies Inc. now owns 36,945 shares of the financial services provider’s stock valued at $1,869,000 after buying an additional 10,231 shares during the last quarter. Unison Advisors LLC increased its stake in shares of Fifth Third Bancorp by 0.7% in the third quarter. Unison Advisors LLC now owns 108,771 shares of the financial services provider’s stock valued at $5,547,000 after buying an additional 750 shares during the period. International Assets Investment Management LLC increased its stake in shares of Fifth Third Bancorp by 379.7% in the third quarter. International Assets Investment Management LLC now owns 40,931 shares of the financial services provider’s stock valued at $2,070,000 after buying an additional 32,399 shares during the period. Finally, Cranbrook Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 1,659.7% during the third quarter. Cranbrook Wealth Management LLC now owns 38,872 shares of the financial services provider’s stock worth $1,966,000 after acquiring an additional 36,663 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the sale, the executive vice president owned 121,460 shares of the company’s stock, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $53.88 on Monday. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50. The company has a 50-day moving average price of $52.75 and a two-hundred day moving average price of $52.02. 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 market capitalization of $48.86 billion, a PE ratio of 18.08, a P/E/G ratio of 1.09 and a beta of 0.97.

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

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.53%.

Analysts Set New Price Targets

Several research firms have issued reports on FITB. Royal Bank Of Canada lowered their price target on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. JPMorgan Chase & Co. upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday. DA Davidson raised their target price 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. Jefferies Financial Group dropped their target price on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Finally, Evercore upgraded shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Wednesday, October 21st. One equities research 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. According to data from MarketBeat, 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.