New York State Teachers Retirement System Buys 11,602 Shares of Fifth Third Bancorp $FITB

Key Points

• The New York State Teachers Retirement System increased its stake in Fifth Third Bancorp, purchasing an additional 11,602 shares to reach a total of 513,832 shares, valued at approximately $21.14 million.
• Fifth Third Bancorp announced a quarterly dividend of $0.40, an increase from the previous $0.37, resulting in an annualized dividend yield of 3.9% and a payout ratio of 49.69%.
• Analysts have shown a positive outlook with multiple upgrades for Fifth Third Bancorp's stock price targets, with some reports setting targets as high as $52.00.

New York State Teachers Retirement System boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 513,832 shares of the financial services provider's stock after purchasing an additional 11,602 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Fifth Third Bancorp worth $21,134,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Larson Financial Group LLC boosted its position in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the period. BankPlus Trust Department boosted its position in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 290 shares during the period. Finally, Citizens National Bank Trust Department bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $39,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 1.3%

Shares of FITB stock opened at $40.89 on Friday. The stock has a market cap of $27.06 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.09 and a beta of 0.95. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a fifty day moving average price of $44.29 and a 200 day moving average price of $40.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.9%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FITB shares. Truist Financial increased their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Argus increased their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Evercore ISI increased their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a research report on Tuesday, September 30th. DA Davidson increased their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Finally, Stephens set a $52.00 target price on Fifth Third Bancorp and gave the stock an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.35.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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