South Dakota Investment Council Buys 41,566 Shares of Fifth Third Bancorp $FITB

Key Points

• South Dakota Investment Council increased its Fifth Third Bancorp stake by 456.8% in the first quarter, acquiring 41,566 additional shares for a total holding valued at $2.35 million. Institutional investors collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed analysts’ $0.84 estimate. The bank also pays a quarterly dividend of $0.40 per share, yielding approximately 2.8%.
• Analysts maintain a “Moderate Buy” consensus on FITB, with 18 Buy or Strong Buy ratings and a consensus price target of $60.54, above the reported share price of $56.62.

South Dakota Investment Council lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 456.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,666 shares of the financial services provider's stock after acquiring an additional 41,566 shares during the quarter. South Dakota Investment Council's holdings in Fifth Third Bancorp were worth $2,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD raised its position in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Capital World Investors lifted its holdings in Fifth Third Bancorp by 5.6% during the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock worth $1,523,650,000 after buying an additional 1,719,361 shares during the period. State Street Corp grew its position in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider's stock valued at $1,484,021,000 after buying an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider's stock valued at $1,120,586,000 after buying an additional 530,489 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $56.62 on Friday. The stock has a market capitalization of $51.31 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The stock's 50 day moving average price is $54.66 and its two-hundred day moving average price is $51.19. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the firm earned $0.88 earnings per share. The business's quarterly revenue was up 45.8% on a year-over-year basis. On average, equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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 dividend of $0.40 per share. 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 payout ratio is presently 54.61%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FITB. Citigroup raised their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Royal Bank Of Canada increased their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research report on Monday, July 20th. Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. The Goldman Sachs Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Finally, Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. 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. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

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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