OMERS ADMINISTRATION Corp Takes $3.78 Million Position in Fifth Third Bancorp $FITB

OMERS ADMINISTRATION Corp purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, Holdings Channel.com reports. The fund purchased 67,026 shares of the financial services provider’s stock, valued at approximately $3,778,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. D.A. Davidson & CO. grew its stake in shares of Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after buying an additional 20,862 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after acquiring an additional 96,656 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $1,514,000. Finally, Fruth Investment Management grew its position in Fifth Third Bancorp by 335.2% during the 1st quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock worth $1,264,000 after acquiring an additional 20,957 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 0.1%

Shares of NASDAQ:FITB opened at $54.96 on Wednesday. The firm has a market cap of $49.84 billion, a P/E ratio of 18.44, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The business has a fifty day simple moving average of $56.61 and a 200 day simple moving average of $51.99. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. Analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FITB. Bank of America upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Stephens began coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. DA Davidson 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. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Company Profile

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.