Oppenheimer Asset Management Inc. Buys Shares of 86,259 Fifth Third Bancorp (FITB)

Oppenheimer Asset Management Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, Holdings Channel reports. The firm bought 86,259 shares of the financial services provider’s stock, valued at approximately $2,191,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. raised its position in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the period. YorkBridge Wealth Partners LLC raised its position in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the period. Robecosam AG raised its position in shares of Fifth Third Bancorp by 6.3% in the first quarter. Robecosam AG now owns 8,500 shares of the financial services provider’s stock worth $219,000 after buying an additional 500 shares during the period. Finally, Brown Advisory Inc. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $224,000. Hedge funds and other institutional investors own 81.20% of the company’s stock.

Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 24.94 on Tuesday. Fifth Third Bancorp has a 12 month low of $16.14 and a 12 month high of $28.97. The firm has a market capitalization of $18.71 billion, a P/E ratio of 13.04 and a beta of 1.35. The company’s 50 day moving average price is $24.57 and its 200-day moving average price is $25.89.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the business posted $0.40 earnings per share. On average, equities analysts predict that Fifth Third Bancorp will post $1.79 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.56 annualized dividend and a yield of 2.26%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 29.17%.

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A number of research analysts have weighed in on FITB shares. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Tuesday, February 28th. Robert W. Baird upgraded Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Monday, June 5th. Compass Point upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a report on Wednesday, March 29th. They noted that the move was a valuation call. Piper Jaffray Companies decreased their price objective on Fifth Third Bancorp from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, April 11th. Finally, Hilliard Lyons lowered Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 price objective on the stock. in a report on Thursday, March 2nd. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $25.30.

In related news, CAO Teresa J. Tanner sold 54,984 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $24.88, for a total transaction of $1,368,001.92. Following the transaction, the chief accounting officer now directly owns 41,286 shares in the company, valued at $1,027,195.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Teresa J. Tanner sold 26,010 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total value of $647,649.00. Following the transaction, the chief accounting officer now owns 41,286 shares in the company, valued at $1,028,021.40. The disclosure for this sale can be found here. Insiders have sold 109,315 shares of company stock worth $2,716,947 over the last quarter. 0.38% of the stock is currently owned by company insiders.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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