Oppenheimer & Co. Inc. Has $2.75 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Oppenheimer & Co. Inc. trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 12.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,386 shares of the financial services provider’s stock after selling 10,844 shares during the period. Oppenheimer & Co. Inc.’s holdings in Fifth Third Bancorp were worth $2,751,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $29,000. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $34,000. Centerpoint Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after buying an additional 750 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $52,000. Finally, Mather Group LLC. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $56,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Up 2.2 %

Fifth Third Bancorp stock opened at $42.07 on Monday. The stock has a market cap of $28.78 billion, a P/E ratio of 13.36, a PEG ratio of 1.93 and a beta of 1.22. Fifth Third Bancorp has a fifty-two week low of $22.49 and a fifty-two week high of $42.91. The firm’s fifty day moving average price is $40.60 and its 200-day moving average price is $37.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period in the previous year, the company posted $0.87 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The disclosure for this sale can be found here. Insiders have sold a total of 54,500 shares of company stock valued at $2,269,920 over the last 90 days. 0.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Jefferies Financial Group upped their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Stephens reiterated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Wolfe Research upgraded Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective on the stock in a research note on Friday, May 31st. Finally, Evercore ISI dropped their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.56.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.