OFI Invest Asset Management Has $1.31 Million Stock Position in Fifth Third Bancorp $FITB

OFI Invest Asset Management raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 31,758 shares of the financial services provider’s stock after acquiring an additional 1,716 shares during the quarter. OFI Invest Asset Management’s holdings in Fifth Third Bancorp were worth $1,306,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after acquiring an additional 1,321,554 shares during the period. Invesco Ltd. boosted its stake in shares of Fifth Third Bancorp by 5.1% in the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $334,805,000. Royal Bank of Canada boosted its stake in shares of Fifth Third Bancorp by 4.5% in the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after purchasing an additional 279,669 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Fifth Third Bancorp by 12.1% in the 1st quarter. Alliancebernstein L.P. now owns 5,028,501 shares of the financial services provider’s stock valued at $197,117,000 after purchasing an additional 542,934 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 5.3%

Fifth Third Bancorp stock opened at $41.47 on Friday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The firm has a market capitalization of $27.45 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The firm’s fifty day moving average price is $44.23 and its two-hundred day moving average price is $40.72. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp declared that its board has authorized a share repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.9%. Fifth Third Bancorp’s payout ratio is 49.69%.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Citigroup upped their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen raised their price target on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. The Goldman Sachs Group raised their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Argus raised their price target on shares of Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.20.

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.