OMERS ADMINISTRATION Corp Raises Holdings in Fifth Third Bancorp $FITB

OMERS ADMINISTRATION Corp raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 166.5% during the first quarter, Holdings Channel.com reports. The firm owned 75,731 shares of the financial services provider’s stock after purchasing an additional 47,309 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Fifth Third Bancorp were worth $3,518,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP raised its holdings in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after buying an additional 759 shares during the period. Brown Advisory Inc. lifted its position in Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in Fifth Third Bancorp during the second quarter worth about $968,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.7%

Shares of NASDAQ:FITB opened at $57.00 on Tuesday. 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 $51.66 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The firm’s 50-day moving average is $54.15 and its two-hundred day moving average is $51.03. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50.

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

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is 54.61%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wolfe Research dropped their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Finally, Morgan Stanley boosted their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.49.

Fifth Third Bancorp 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.