OMERS ADMINISTRATION Corp Acquires 11,811 Shares of Fifth Third Bancorp $FITB

Key Points

• OMERS ADMINISTRATION Corp increased its holdings in Fifth Third Bancorp by 19.9% in the first quarter, now owning 71,233 shares valued at $2.79 million.
• Fifth Third Bancorp announced a stock buyback program authorizing the repurchase of 100 million shares, indicating the board believes the stock is undervalued.
• The company declared a quarterly dividend of $0.37 per share, representing a 3.2% yield with a dividend payout ratio of 45.96%.

OMERS ADMINISTRATION Corp raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 19.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,233 shares of the financial services provider's stock after acquiring an additional 11,811 shares during the period. OMERS ADMINISTRATION Corp's holdings in Fifth Third Bancorp were worth $2,792,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp during the first quarter valued at about $27,000. Quarry LP bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Larson Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares in the last quarter. REAP Financial Group LLC boosted its stake in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after buying an additional 487 shares during the last quarter. Finally, Grove Bank & Trust increased its position in shares of Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded down $0.06 during midday trading on Wednesday, reaching $45.52. 1,891,349 shares of the stock were exchanged, compared to its average volume of 4,878,275. The firm has a market cap of $30.13 billion, a PE ratio of 14.14, a PEG ratio of 1.48 and a beta of 0.93. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company's fifty day moving average is $42.93 and its 200-day moving average is $39.96. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp declared that its board has approved a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio is presently 45.96%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FITB shares. Cowen initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $52.00 price target for the company. Finally, Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp 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.