Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 35,188 Shares of Fifth Third Bancorp $FITB

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its Fifth Third Bancorp stake by 22.1% in the fourth quarter, selling 35,188 shares and leaving it with 123,755 shares worth about $5.79 million.
• Fifth Third Bancorp reported better-than-expected earnings of $0.83 per share for the quarter, well above analysts’ estimate, though revenue came in slightly below expectations at $2.83 billion.
• The stock is trading near $50.31, and analysts remain broadly positive with a Moderate Buy consensus and an average price target of $57.19.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 22.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 123,755 shares of the financial services provider's stock after selling 35,188 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Fifth Third Bancorp were worth $5,793,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Westside Investment Management Inc. increased its stake in Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 292 shares in the last quarter. Harbor Investment Advisory LLC increased its stake in Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares in the last quarter. United Community Bank increased its stake in Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 581 shares in the last quarter. Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the 4th quarter valued at about $30,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in Fifth Third Bancorp by 619.6% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 632 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

FITB opened at $50.31 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $45.60 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 0.99 and a beta of 0.92. The company's 50 day moving average is $48.63 and its 200 day moving average is $48.28. Fifth Third Bancorp has a 12-month low of $37.81 and a 12-month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter last year, the firm posted $0.71 earnings per share. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 53.69%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company's stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company's stock.

Analyst Ratings Changes

FITB has been the subject of a number of research analyst reports. DA Davidson reiterated a "buy" rating and issued a $58.00 price target on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Piper Sandler reiterated an "overweight" rating and issued a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Truist Financial set a $57.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. Finally, Evercore lifted their price target on shares of Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average price target of $57.19.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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