OFI Invest Asset Management Purchases 1,716 Shares of Fifth Third Bancorp $FITB

OFI Invest Asset Management lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 5.7% during the second quarter, Holdings Channel reports. The firm owned 31,758 shares of the financial services provider’s stock after acquiring an additional 1,716 shares during the period. OFI Invest Asset Management’s holdings in Fifth Third Bancorp were worth $1,306,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FITB. Nuveen LLC purchased a new stake in Fifth Third Bancorp during the first quarter worth about $334,805,000. Massachusetts Financial Services Co. MA purchased a new stake in Fifth Third Bancorp during the first quarter worth about $113,900,000. Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after buying an additional 1,321,554 shares during the last quarter. Alecta Tjanstepension Omsesidigt purchased a new stake in Fifth Third Bancorp during the first quarter worth about $40,989,000. Finally, Invesco Ltd. increased its holdings in Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after buying an additional 862,374 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

FITB has been the subject of a number of research analyst reports. Evercore ISI raised their price objective on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Stephens lifted their target price on shares of Fifth Third Bancorp from $47.00 to $49.00 in a research note on Tuesday, October 7th. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Argus lifted their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Finally, Piper Sandler reduced their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.20.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $41.47 on Friday. The company has a 50 day moving average of $44.23 and a 200 day moving average of $40.72. The stock has a market cap of $27.45 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.34 and a beta of 0.95. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. 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 of Directors has approved a stock repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

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

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.