Public Employees Retirement System of Ohio Makes New $15.78 Million Investment in Fifth Third Bancorp $FITB

Key Points

• Public Employees Retirement System of Ohio acquired 280,009 shares of Fifth Third Bancorp worth approximately $15.78 million during the second quarter. Institutional investors collectively own 83.79% of the bank’s outstanding stock.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, while earnings per share of $0.83 narrowly missed analysts’ $0.84 estimate. The company also declared a quarterly dividend of $0.40, representing a 2.9% annualized yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54, compared with the stock’s reported price of $54.57.

Public Employees Retirement System of Ohio bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 280,009 shares of the financial services provider's stock, valued at approximately $15,784,000.

Several other large investors also recently modified their holdings of the stock. Center for Financial Planning Inc. purchased a new position in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $29,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 0.1%

Shares of Fifth Third Bancorp stock opened at $54.57 on Monday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The company has a market cap of $49.49 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 1.09 and a beta of 0.91. 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's 50-day moving average price is $56.74 and its 200-day moving average price is $52.00.

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 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp's revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued 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 2.9%. Fifth Third Bancorp's dividend payout ratio is presently 54.61%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FITB. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. UBS Group lifted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Zacks Research cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Finally, Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

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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