OMERS ADMINISTRATION Corp Invests $3.78 Million in Fifth Third Bancorp $FITB

OMERS ADMINISTRATION Corp bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 67,026 shares of the financial services provider’s stock, valued at approximately $3,778,000.

Several other hedge funds have also added to or reduced their stakes in FITB. Osmosis Investment Management UK Ltd acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $1,984,000. Sanctuary Advisors LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $14,538,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Fifth Third Bancorp during the 2nd quarter worth $689,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in Fifth Third Bancorp during the 2nd quarter worth $1,061,000. Finally, Pinnacle Holdings LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $655,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

FITB opened at $54.96 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The firm has a market cap of $49.84 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The business’s fifty day moving average is $56.61 and its 200-day moving average is $51.99.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Wall Street Analyst Weigh In

FITB has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Finally, Robert W. Baird raised their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $60.54.

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.