Fifth Third Bancorp $FITB Stock: Oppenheimer & Co. Inc. Raises Position

Oppenheimer & Co. Inc. grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 13.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,278 shares of the financial services provider’s stock after acquiring an additional 11,405 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fifth Third Bancorp were worth $4,870,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp by 3.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 29,804 shares of the financial services provider’s stock worth $1,507,000 after purchasing an additional 1,081 shares during the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 31.6% during the third quarter. Kingswood Wealth Advisors LLC now owns 8,821 shares of the financial services provider’s stock worth $446,000 after buying an additional 2,118 shares in the last quarter. Sigma Planning Corp raised its position in shares of Fifth Third Bancorp by 31.1% in the third quarter. Sigma Planning Corp now owns 29,572 shares of the financial services provider’s stock valued at $1,496,000 after buying an additional 7,012 shares during the last quarter. Norris Perne & French LLP MI acquired a new position in shares of Fifth Third Bancorp in the third quarter valued at approximately $554,000. Finally, Citizens Financial Group Inc. RI raised its position in shares of Fifth Third Bancorp by 5.5% in the third quarter. Citizens Financial Group Inc. RI now owns 12,496 shares of the financial services provider’s stock valued at $632,000 after buying an additional 651 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent analyst reports. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 21st. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. TD Cowen began coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They set a “buy” rating and a $60.00 price target on the stock. Finally, Stephens decreased their price objective on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.77.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $54.48 on Friday. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50 day moving average price of $52.76 and a 200 day moving average price of $52.00. The firm has a market capitalization of $49.41 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same quarter last year, the firm posted $0.91 earnings per share. Fifth Third Bancorp’s revenue was up 42.4% on a year-over-year basis. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is 57.53%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.