Dai ichi Life Insurance Company Ltd Makes New $1.07 Million Investment in Fifth Third Bancorp (NASDAQ:FITB)

Dai ichi Life Insurance Company Ltd purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,874 shares of the financial services provider’s stock, valued at approximately $1,066,000.

Several other hedge funds and other institutional investors have also modified their holdings of FITB. Venturi Wealth Management LLC boosted its position in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the period. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp during the second quarter worth $34,000. Hexagon Capital Partners LLC boosted its position in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after buying an additional 312 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in shares of Fifth Third Bancorp during the third quarter worth $39,000. Finally, Family Firm Inc. purchased a new position in shares of Fifth Third Bancorp during the second quarter worth $52,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research analyst reports. Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Barclays lifted their target price on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Evercore ISI lifted their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $43.62.

Fifth Third Bancorp Stock Down 0.2 %

FITB opened at $48.16 on Thursday. The business’s 50-day simple moving average is $44.52 and its 200-day simple moving average is $40.92. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a one year low of $26.89 and a one year high of $49.07. The stock has a market capitalization of $32.29 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. Analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

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.