Fifth Third Bancorp $FITB Shares Bought by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio increased its Fifth Third Bancorp stake by 32% in the first quarter, acquiring 69,093 additional shares and bringing its holdings to 284,874 shares valued at approximately $13.2 million. Institutional investors collectively own 83.79% of FITB.
• Analysts maintain a generally positive view of the stock, with a consensus rating of “Moderate Buy” and an average price target of $60.49. Several firms recently raised their targets to between $59 and $63.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed estimates. The bank also maintains a quarterly dividend of $0.40 per share, equivalent to a 2.8% yield.

Public Employees Retirement System of Ohio increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 32.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 284,874 shares of the financial services provider's stock after acquiring an additional 69,093 shares during the period. Public Employees Retirement System of Ohio's holdings in Fifth Third Bancorp were worth $13,235,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Compound Planning Inc. grew its holdings in Fifth Third Bancorp by 108.2% in the first quarter. Compound Planning Inc. now owns 13,092 shares of the financial services provider's stock valued at $608,000 after purchasing an additional 6,805 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of Fifth Third Bancorp by 30.9% during the 1st quarter. Bank of Nova Scotia now owns 135,461 shares of the financial services provider's stock worth $6,294,000 after buying an additional 31,976 shares during the last quarter. Sei Investments Co. boosted its position in shares of Fifth Third Bancorp by 89.8% in the 1st quarter. Sei Investments Co. now owns 1,872,450 shares of the financial services provider's stock worth $86,994,000 after buying an additional 885,990 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Fifth Third Bancorp by 11.7% in the 1st quarter. Cetera Investment Advisers now owns 418,038 shares of the financial services provider's stock worth $19,422,000 after buying an additional 43,848 shares in the last quarter. Finally, Alpha Family Trust acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at about $411,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FITB. Wolfe Research reduced their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. JPMorgan Chase & Co. raised their price target on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Citigroup upped their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday. Barclays increased their price objective 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. Finally, The Goldman Sachs Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $60.49.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $57.41 on Monday. The company has a market cap of $52.03 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.09 and a beta of 0.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The business has a fifty day simple moving average of $53.97 and a 200-day simple moving average of $50.98.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. During the same quarter last year, the company posted $0.88 earnings per share. The business's quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 54.61%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the 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. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.51% of the company's stock.

Fifth Third Bancorp Company 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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