OFI Invest Asset Management Has $38.12 Million Stock Position in Fifth Third Bancorp $FITB

OFI Invest Asset Management raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3,240.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 814,292 shares of the financial services provider’s stock after purchasing an additional 789,918 shares during the period. OFI Invest Asset Management owned approximately 0.12% of Fifth Third Bancorp worth $38,117,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FITB. Capital World Investors increased its holdings in shares of Fifth Third Bancorp by 6.2% during the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after buying an additional 1,803,861 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Fifth Third Bancorp by 2.6% during the third quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock worth $945,556,000 after buying an additional 546,914 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Fifth Third Bancorp by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,316,387 shares of the financial services provider’s stock worth $368,832,000 after buying an additional 156,020 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Fifth Third Bancorp by 9.5% during the third quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock worth $353,354,000 after buying an additional 690,648 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $49.34 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a twelve month low of $32.27 and a twelve month high of $55.44. The stock has a market cap of $44.68 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 0.93 and a beta of 0.95. The company’s fifty day moving average is $49.03 and its 200 day moving average is $46.61.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Analyst Upgrades and Downgrades

FITB has been the subject of several research analyst reports. Evercore lowered their price target on shares of Fifth Third Bancorp from $57.00 to $51.00 in a report on Monday. Truist Financial lowered their price target on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, March 13th. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, Argus upped their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.41.

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.