Fifth Third Bancorp $FITB Holdings Raised by Oregon Public Employees Retirement Fund

Key Points

• Oregon Public Employees Retirement Fund boosted its Fifth Third Bancorp stake by 36.2% in the first quarter, buying 27,400 additional shares and bringing its total to 103,099 shares valued at about $4.79 million.
• Fifth Third Bancorp reported better-than-expected quarterly earnings of $0.83 per share, topping analyst estimates, though revenue came in slightly below consensus.
• The company also declared a quarterly dividend of $0.40 per share, equal to an annualized yield of 2.8%, while analysts maintain a generally positive outlook with a consensus rating of “Moderate Buy.”

Oregon Public Employees Retirement Fund increased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 36.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,099 shares of the financial services provider's stock after purchasing an additional 27,400 shares during the quarter. Oregon Public Employees Retirement Fund's holdings in Fifth Third Bancorp were worth $4,790,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbor Investment Advisory LLC lifted its stake in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after acquiring an additional 517 shares during the period. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Reflection Asset Management bought a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Finally, EFG International AG bought a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $33,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 1.3%

Fifth Third Bancorp stock opened at $56.51 on Friday. The firm has a market cap of $51.21 billion, a price-to-earnings ratio of 18.96, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.51. The firm's 50 day moving average price is $52.09 and its two-hundred day moving average price is $50.22. 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 (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the prior year, the firm earned $0.71 EPS. On average, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 53.69%.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of research reports. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Wolfe Research dropped their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Stephens assumed coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. The Goldman Sachs Group raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Finally, Barclays lifted their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a report on Monday, April 20th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.11.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares of the company's stock, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.51% of the company's stock.

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.

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