Healthcare of Ontario Pension Plan Trust Fund Has $14.92 Million Holdings in Fifth Third Bancorp $FITB

Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1,128.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,118 shares of the financial services provider’s stock after acquiring an additional 294,987 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fifth Third Bancorp were worth $14,919,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. D.A. Davidson & CO. increased its position in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after buying an additional 20,862 shares during the period. Robinhood Asset Management LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $8,529,000. Keybank National Association OH boosted its position in shares of 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 acquiring an additional 21,365 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 96,656 shares during the period. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $1,514,000. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FITB. Citigroup boosted their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday. UBS Group increased their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Finally, Bank of America upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One investment 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 stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $60.49.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $57.00 on Tuesday. The business has a fifty day simple moving average of $54.15 and a 200 day simple moving average of $51.03. 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 firm has a market capitalization of $51.66 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

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

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Fifth Third Bancorp 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.