California State Teachers Retirement System Boosts Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• California State Teachers Retirement System dramatically increased its Fifth Third Bancorp stake by 6,090.8% in the second quarter, acquiring 78.3 million additional shares. It ended the period with 79.6 million shares, worth approximately $4.49 billion and representing 8.78% of the company.
• Institutional ownership remains high, with hedge funds and other institutions holding 83.79% of FITB’s outstanding shares. Several other investors also initiated or expanded positions during recent quarters.
• Analysts remain generally positive, with FITB carrying a consensus “Moderate Buy” rating and an average price target of $60.54. The company slightly missed quarterly EPS estimates ($0.83 versus $0.84) but reported $3.26 billion in revenue, up 45.8% year over year.

California State Teachers Retirement System increased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6,090.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,618,735 shares of the financial services provider's stock after acquiring an additional 78,332,647 shares during the period. California State Teachers Retirement System owned approximately 8.78% of Fifth Third Bancorp worth $4,488,108,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the 1st quarter worth about $25,000. SouthState Bank Corp raised its position in Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter worth about $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FITB. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Trading Down 0.5%

FITB opened at $54.24 on Thursday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a market cap of $49.19 billion, a P/E ratio of 18.20, a PEG ratio of 1.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50-day simple moving average is $56.49 and its 200-day simple moving average is $52.05.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.