Healthcare of Ontario Pension Plan Trust Fund Buys 294,987 Shares of Fifth Third Bancorp $FITB

Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1,128.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,118 shares of the financial services provider’s stock after buying an additional 294,987 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fifth Third Bancorp were worth $14,919,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Fifth Third Bancorp by 303.4% during the first quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after acquiring an additional 15,101,629 shares during the period. Norges Bank acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $649,264,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after purchasing an additional 2,574,712 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. UBS Group raised their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Truist Financial boosted their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Piper Sandler restated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.49.

Fifth Third Bancorp Stock Down 0.7%

Shares of NASDAQ FITB opened at $57.00 on Tuesday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The firm’s 50-day simple moving average is $54.15 and its 200 day simple moving average is $51.03. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $51.66 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

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.