OVERSEA CHINESE BANKING Corp Ltd Purchases New Shares in Fifth Third Bancorp $FITB

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,955 shares of the financial services provider’s stock, valued at approximately $956,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FITB. D.A. Davidson & CO. lifted its position in shares of Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after purchasing an additional 20,862 shares during the last quarter. Keybank National Association OH increased its holdings in Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after buying an additional 21,365 shares during the last quarter. Geode Capital Management LLC increased its holdings in Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after buying an additional 96,656 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $1,514,000. Finally, Fruth Investment Management raised its stake in Fifth Third Bancorp by 335.2% during the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after buying an additional 20,957 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Evercore set a $60.00 target price on Fifth Third Bancorp in a research report on Monday, July 6th. Robert W. Baird upped their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Truist Financial increased their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Up 0.5%

NASDAQ:FITB opened at $54.76 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a 50 day moving average of $56.54 and a 200-day moving average of $51.97. The firm has a market capitalization of $49.66 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. 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 announced its quarterly earnings results 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 return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the business posted $0.88 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

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.