OP Asset Management Ltd Buys Shares of 92,954 Fifth Third Bancorp $FITB

Key Points

• OP Asset Management Ltd opened a new position in Fifth Third Bancorp during the first quarter, buying 92,954 shares valued at about $4.32 million.
• Wall Street sentiment remains constructive on FITB, with analysts assigning a Moderate Buy consensus and an average price target of $57.74.
• Fifth Third Bancorp reported better-than-expected quarterly earnings of $0.83 per share and also announced a quarterly dividend of $0.40 per share, equal to a 2.8% annualized yield.

OP Asset Management Ltd bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 92,954 shares of the financial services provider's stock, valued at approximately $4,319,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FITB. Harbor Investment Advisory LLC lifted its stake in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $29,000. Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. Reflection Asset Management acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. Finally, EFG International AG purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FITB shares. Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. Wolfe Research decreased their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Piper Sandler reissued an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Barclays raised their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Finally, Truist Financial boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.74.

Fifth Third Bancorp Price Performance

FITB stock opened at $56.47 on Friday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $56.77. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock's 50 day moving average price is $50.90 and its 200 day moving average price is $49.59. The firm has a market cap of $51.18 billion, a P/E ratio of 18.95, a PEG ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

Insider Activity

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

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.

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