Oppenheimer Asset Management Inc. Lowers Stake in Fifth Third Bancorp (FITB)

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Oppenheimer Asset Management Inc. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,932 shares of the financial services provider’s stock after selling 2,161 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $1,577,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FITB. BlackRock Inc. increased its position in shares of Fifth Third Bancorp by 5.9% during the second quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock valued at $1,390,661,000 after purchasing an additional 2,718,504 shares during the period. Janus Henderson Group PLC increased its position in shares of Fifth Third Bancorp by 119.9% during the second quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after purchasing an additional 2,658,672 shares during the period. O Shaughnessy Asset Management LLC increased its position in shares of Fifth Third Bancorp by 531.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 2,434,995 shares of the financial services provider’s stock valued at $77,312,000 after purchasing an additional 2,049,422 shares during the period. Rockefeller Capital Management L.P. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $51,774,000. Finally, Schroder Investment Management Group increased its position in shares of Fifth Third Bancorp by 239.3% during the first quarter. Schroder Investment Management Group now owns 2,019,906 shares of the financial services provider’s stock valued at $64,132,000 after purchasing an additional 1,424,674 shares during the period. Institutional investors and hedge funds own 83.91% of the company’s stock.

Shares of NASDAQ:FITB opened at $29.74 on Wednesday. Fifth Third Bancorp has a fifty-two week low of $24.66 and a fifty-two week high of $34.67. The firm has a market capitalization of $19.66 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 1.63 and a beta of 1.25. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Thursday, July 19th. The financial services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. During the same quarter in the prior year, the business earned $0.45 earnings per share. research analysts predict that Fifth Third Bancorp will post 2.51 EPS for the current fiscal year.

A number of analysts have recently issued reports on FITB shares. BMO Capital Markets lowered their price objective on Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a research report on Monday, July 23rd. BidaskClub cut Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 22nd. Argus began coverage on Fifth Third Bancorp in a research report on Thursday, June 14th. They issued a “buy” rating and a $36.00 price target on the stock. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Monday, July 16th. Finally, Vining Sparks reiterated a “buy” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a research report on Thursday, July 19th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $32.18.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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

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