Oppenheimer Asset Management Inc. trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.9% during the third quarter, Holdings Channel reports. The fund owned 46,421 shares of the financial services provider’s stock after selling 1,391 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $1,271,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. Sanders Capital LLC raised its stake in shares of Fifth Third Bancorp by 3.6% in the 2nd quarter. Sanders Capital LLC now owns 19,052,485 shares of the financial services provider’s stock valued at $592,818,000 after acquiring an additional 654,400 shares in the last quarter. JPMorgan Chase & Co. increased its position in Fifth Third Bancorp by 5.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,423,254 shares of the financial services provider’s stock worth $475,481,000 after buying an additional 832,897 shares during the period. Boston Partners increased its position in Fifth Third Bancorp by 5.2% in the 2nd quarter. Boston Partners now owns 10,655,998 shares of the financial services provider’s stock worth $297,298,000 after buying an additional 524,649 shares during the period. Wells Fargo & Company MN increased its position in Fifth Third Bancorp by 36.8% in the 2nd quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock worth $209,013,000 after buying an additional 2,014,379 shares during the period. Finally, Nuveen Asset Management LLC increased its position in Fifth Third Bancorp by 21,301.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock worth $176,274,000 after buying an additional 6,288,518 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:FITB opened at $30.51 on Friday. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $30.89. The firm has a market capitalization of $22.17 billion, a PE ratio of 12.01, a PEG ratio of 1.50 and a beta of 1.40. The business’s 50 day moving average is $27.84 and its 200-day moving average is $27.56. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, September 27th. Fifth Third Bancorp’s payout ratio is presently 37.80%.
Several brokerages have commented on FITB. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, October 23rd. Nomura set a $29.00 price target on Fifth Third Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $32.00 to $33.00 in a research report on Friday, October 25th. Citigroup dropped their price target on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, Deutsche Bank raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $31.43.
In related news, Director Evan Bayh purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average price of $25.93 per share, with a total value of $103,720.00. Following the purchase, the director now directly owns 48,517 shares in the company, valued at $1,258,045.81. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy Spence sold 5,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the sale, the executive vice president now directly owns 152,672 shares in the company, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Fifth Third Bancorp Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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