Lombard Odier Asset Management Switzerland SA Acquires 18,508 Shares of Fifth Third Bancorp $FITB

Lombard Odier Asset Management Switzerland SA grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 173.0% during the first quarter, Holdings Channel.com reports. The firm owned 29,208 shares of the financial services provider’s stock after acquiring an additional 18,508 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in Fifth Third Bancorp were worth $1,357,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FITB. Matrix Private Capital Group LLC bought a new position in Fifth Third Bancorp in the first quarter valued at $363,000. Waverly Advisors LLC boosted its stake 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 buying an additional 3,621 shares during the last quarter. Aristotle Capital Management LLC bought a new position in shares of Fifth Third Bancorp in the 1st quarter valued at about $304,000. Entropy Technologies LP grew its holdings in shares of 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 valued at $1,298,000 after acquiring an additional 18,751 shares in the last quarter. Finally, Empirical Finance LLC increased its position in shares of Fifth Third Bancorp by 31.2% in the first quarter. Empirical Finance LLC now owns 30,556 shares of the financial services provider’s stock valued at $1,420,000 after acquiring an additional 7,271 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. Stephens started coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. DA Davidson boosted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Wolfe Research cut their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Finally, Royal Bank Of Canada raised 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 note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.49.

Fifth Third Bancorp Trading Down 0.7%

Fifth Third Bancorp stock opened at $57.00 on Tuesday. The stock has a 50-day simple moving average of $54.15 and a 200 day simple moving average of $51.03. The stock has a market capitalization of $51.66 billion, a P/E ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) 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 business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the company earned $0.88 EPS. Fifth Third Bancorp’s quarterly revenue was up 45.8% on a year-over-year basis. Analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. 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.