OFI Invest Asset Management Invests $633,000 in Fifth Third Bancorp (NASDAQ:FITB)

OFI Invest Asset Management acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,582 shares of the financial services provider’s stock, valued at approximately $633,000.

A number of other large investors also recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $29,000. Centerpoint Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after buying an additional 750 shares during the period. Mather Group LLC. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $56,000. Jones Financial Companies Lllp boosted its stake in Fifth Third Bancorp by 327.3% in the 4th quarter. Jones Financial Companies Lllp now owns 1,675 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,283 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Fifth Third Bancorp by 70.7% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,729 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 716 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Evercore ISI reduced their price objective on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Wolfe Research raised Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target for the company in a report on Friday, May 31st. Argus increased their price target on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Bank of America raised their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $40.56.

Fifth Third Bancorp Stock Performance

Shares of FITB traded up $0.69 during trading hours on Friday, hitting $40.68. The company’s stock had a trading volume of 4,039,348 shares, compared to its average volume of 4,826,277. The company has a market cap of $27.83 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 1.91 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50 day simple moving average of $38.37 and a two-hundred day simple moving average of $36.75. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the previous year, the business earned $0.87 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 44.44%.

Insider Activity

In other news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares in the company, valued at approximately $5,376,880. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,500 shares of company stock worth $1,429,920. 0.50% of the stock is owned by company 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.