16,955 Shares in Fifth Third Bancorp $FITB Purchased by OVERSEA CHINESE BANKING Corp Ltd

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

Several other hedge funds have also recently added to or reduced their stakes in the business. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp raised its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Clearstead Trust LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.5%

Shares of FITB stock opened at $54.76 on Friday. The firm’s 50-day simple moving average is $56.54 and its 200-day simple moving average is $51.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The firm has a market cap of $49.66 billion, a P/E ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Fifth Third Bancorp’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced 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. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Bank of America upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup lifted 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 note on Friday, July 24th. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

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.