California State Teachers Retirement System Purchases 126,343 Shares of Fifth Third Bancorp $FITB

California State Teachers Retirement System grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 9.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,412,431 shares of the financial services provider's stock after purchasing an additional 126,343 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of Fifth Third Bancorp worth $79,618,735 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FITB. D.A. Davidson & CO. grew its stake in shares of Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider's stock valued at $2,359,000 after acquiring an additional 20,862 shares during the period. Keybank National Association OH raised its holdings in shares of Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock worth $3,985,000 after acquiring an additional 21,365 shares during the period. Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Fifth Third Bancorp in the second quarter worth $4,222,000. Geode Capital Management LLC raised its position in Fifth Third Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $1,514,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 1.1%

NASDAQ FITB traded up $0.57 during trading on Tuesday, hitting $54.95. The stock had a trading volume of 5,954,587 shares, compared to its average volume of 8,425,426. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average price of $56.31 and a 200 day moving average price of $52.12. The company has a market capitalization of $49.84 billion, a PE ratio of 18.44, a PEG ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the company earned $0.88 earnings per share. The firm's revenue was up 45.8% compared to the same quarter last year. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FITB shares. Bank of America lifted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Royal Bank Of Canada upped their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price target on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Finally, Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

About Fifth Third Bancorp

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.

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