Daiichi Life Insurance Co. Ltd. Buys New Position in Fifth Third Bancorp $FITB

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

Several other institutional investors also recently added to or reduced their stakes in the company. Commerce Bank purchased a new stake in Fifth Third Bancorp in the second quarter valued at approximately $2,986,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $4,147,000. Fortress Financial Group LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at $375,000. Evolve Private Wealth LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at $1,093,000. Finally, Forum Private Client Group LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth $481,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.1%

Shares of Fifth Third Bancorp stock opened at $54.76 on Monday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a market cap of $49.66 billion, a P/E ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. 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 firm has a fifty day moving average of $56.54 and a two-hundred day moving average of $51.97.

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 the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the previous year, the firm earned $0.88 EPS. The firm’s revenue was up 45.8% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. 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 payout ratio is currently 54.61%.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Bank of America upped their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.