Fifth Third Bancorp $FITB Shares Bought by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System boosted its Fifth Third Bancorp stake by 46% in the first quarter, ending with 814,018 shares worth about $37.8 million.
• Wall Street sentiment remains positive, with 16 Buy ratings and five Hold ratings; the consensus view is “Moderate Buy” and the average price target is $57.94.
• Fifth Third reported quarterly EPS of $0.83, beating estimates, and it also declared a $0.40 quarterly dividend, implying a 2.8% yield.

New York State Teachers Retirement System lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 46.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 814,018 shares of the financial services provider's stock after purchasing an additional 256,473 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Fifth Third Bancorp worth $37,819,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Cullen Frost Bankers Inc. increased its stake in Fifth Third Bancorp by 4.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock valued at $199,000 after buying an additional 187 shares during the period. Equitable Holdings Inc. raised its position in shares of Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock worth $232,000 after buying an additional 195 shares in the last quarter. Koshinski Asset Management Inc. raised its position in shares of Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock worth $322,000 after buying an additional 206 shares in the last quarter. Keybank National Association OH lifted its stake in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider's stock worth $3,015,000 after acquiring an additional 214 shares during the period. Finally, CreativeOne Wealth LLC lifted its stake in shares of Fifth Third Bancorp by 1.9% in the 4th quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider's stock worth $545,000 after acquiring an additional 216 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FITB. DA Davidson reiterated a "buy" rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Evercore upped their target price on Fifth Third Bancorp from $53.00 to $58.00 in a research report on Wednesday, June 24th. Barclays increased their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. Wolfe Research lowered their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $57.94.

Insiders Place Their Bets

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

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $57.15 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm's 50 day moving average is $51.55 and its 200-day moving average is $49.95. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.15. The stock has a market capitalization of $51.80 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business earned $0.71 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is currently 53.69%.

About Fifth Third Bancorp

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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