OMERS ADMINISTRATION Corp Increases Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• OMERS Administration Corp increased its Fifth Third Bancorp stake by 166.5% in the first quarter, ending with 75,731 shares valued at approximately $3.52 million. Institutional investors collectively own 83.79% of FITB.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and an average price target of $60.49; several firms recently raised their targets to between $60 and $62.
• Fifth Third reported quarterly revenue of $3.26 billion, exceeding estimates, though earnings per share of $0.83 slightly missed expectations. The company also paid a quarterly dividend of $0.40, representing a 2.8% annualized yield.

OMERS ADMINISTRATION Corp boosted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 166.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 75,731 shares of the financial services provider's stock after acquiring an additional 47,309 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Fifth Third Bancorp were worth $3,518,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lombard Odier Asset Management Switzerland SA raised its position in Fifth Third Bancorp by 173.0% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 29,208 shares of the financial services provider's stock worth $1,357,000 after acquiring an additional 18,508 shares during the period. Matrix Private Capital Group LLC purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth about $363,000. Waverly Advisors LLC raised its position in shares of Fifth Third Bancorp by 13.1% during the 1st quarter. Waverly Advisors LLC now owns 31,196 shares of the financial services provider's stock worth $1,449,000 after purchasing an additional 3,621 shares during the last quarter. Aristotle Capital Management LLC purchased a new position in Fifth Third Bancorp in the 1st quarter valued at about $304,000. Finally, Entropy Technologies LP boosted its holdings in Fifth Third Bancorp by 204.1% in the 1st quarter. Entropy Technologies LP now owns 27,940 shares of the financial services provider's stock worth $1,298,000 after buying an additional 18,751 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Royal Bank Of Canada increased 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 report on Monday, July 20th. The Goldman Sachs Group raised their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $60.49.

Fifth Third Bancorp Stock Down 0.7%

Shares of FITB opened at $57.00 on Tuesday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. 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 stock has a fifty day simple moving average of $54.15 and a two-hundred day simple moving average of $51.03. The company has a market capitalization of $51.66 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company's revenue was up 45.8% compared to the same quarter last year. As a group, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 54.61%.

About Fifth Third Bancorp

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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