New York State Teachers Retirement System reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,451,516 shares of the financial services provider’s stock after selling 74,818 shares during the period. New York State Teachers Retirement System’s holdings in Fifth Third Bancorp were worth $36,869,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $161,313,000. Thrivent Financial for Lutherans raised its stake in shares of Fifth Third Bancorp by 13.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,133,284 shares of the financial services provider’s stock worth $84,505,000 after buying an additional 359,360 shares in the last quarter. IFM Investors Pty Ltd purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $267,000. Narus Financial Partners LLC purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $265,000. Finally, Barings LLC raised its stake in shares of Fifth Third Bancorp by 48.4% in the fourth quarter. Barings LLC now owns 227,502 shares of the financial services provider’s stock worth $6,136,000 after buying an additional 74,200 shares in the last quarter. 81.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 24.66 on Monday. The stock has a market cap of $18.50 billion, a P/E ratio of 12.90 and a beta of 1.35. Fifth Third Bancorp has a 12-month low of $16.14 and a 12-month high of $28.97. The company has a 50 day moving average price of $24.57 and a 200 day moving average price of $25.89.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.38. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the firm earned $0.40 earnings per share. Analysts anticipate that Fifth Third Bancorp will post $1.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 29.17%.
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A number of analysts have recently issued reports on the company. Hilliard Lyons lowered Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 price target on the stock. in a research note on Thursday, March 2nd. Evercore ISI lowered Fifth Third Bancorp from a “hold” rating to an “underperform” rating in a research note on Friday, March 3rd. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Tuesday, February 28th. Rafferty Capital Markets lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 7th. Finally, BMO Capital Markets reissued a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, April 25th. Three 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’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and a consensus target price of $25.30.
In other news, CAO Teresa J. Tanner sold 54,984 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer now owns 41,286 shares in the company, valued at $1,027,195.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $24.63, for a total value of $328,096.23. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,768,261.59. The disclosure for this sale can be found here. Insiders have sold 109,315 shares of company stock worth $2,716,947 in the last 90 days. Insiders own 0.38% of the company’s stock.
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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