Fifth Third Bancorp $FITB Stock: Oppenheimer & Co. Inc. Grows Position

Oppenheimer & Co. Inc. lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 13.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 96,278 shares of the financial services provider’s stock after buying an additional 11,405 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fifth Third Bancorp were worth $4,870,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FITB. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at $25,000. Security National Bank of SO Dak purchased a new position in Fifth Third Bancorp in the second quarter valued at about $25,000. SouthState Bank Corp raised its position in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the period. Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter worth about $29,000. Finally, Sachetta LLC lifted its stake in shares of Fifth Third Bancorp by 85.6% during the first quarter. Sachetta LLC now owns 735 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 339 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FITB. Stephens lowered their target price on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 21st. Evercore upgraded Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 21st. Royal Bank Of Canada reduced their price target on Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 20th. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.77.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $54.48 on Friday. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $49.41 billion, a P/E ratio of 18.28, a P/E/G ratio of 1.09 and a beta of 0.97. The company’s fifty day moving average price is $52.76 and its two-hundred day moving average price is $52.00.

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

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 57.53%.

Fifth Third Bancorp Company 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.