OFI Invest Asset Management Invests $1.14 Million in Fifth Third Bancorp (NASDAQ:FITB)

OFI Invest Asset Management bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 27,841 shares of the financial services provider’s stock, valued at approximately $1,137,000.

Several other institutional investors and hedge funds have also modified their holdings of FITB. Farther Finance Advisors LLC grew its position in shares of Fifth Third Bancorp by 32.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,640 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 883 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $215,000. Principal Financial Group Inc. grew its position in shares of Fifth Third Bancorp by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock valued at $35,194,000 after purchasing an additional 14,137 shares during the period. Assetmark Inc. grew its position in shares of Fifth Third Bancorp by 12.9% in the 3rd quarter. Assetmark Inc. now owns 4,126 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 471 shares during the period. Finally, Baker Avenue Asset Management LP acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $225,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.5 %

FITB stock opened at $40.06 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $26.66 billion, a PE ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. The business’s 50 day simple moving average is $43.23 and its 200 day simple moving average is $43.81.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 47.13%.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

FITB has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Barclays boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Stephens restated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.31.

Fifth Third Bancorp Company Profile

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.