State of New Jersey Common Pension Fund D Sells 43,053 Shares of Fifth Third Bancorp $FITB

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Fifth Third Bancorp by 19.7%, selling 43,053 shares in the first quarter and now owning 176,032 shares worth approximately $6.9 million.
• Several institutional investors increased their positions significantly in Fifth Third Bancorp, including Kovitz Investment Group Partners LLC with a 510.7% increase, highlighting a strong interest in the stock during the same period.
• Fifth Third Bancorp's Board of Directors has authorized a stock repurchase program for up to 100 million shares, signaling confidence in the company's valuation and financial health.

State of New Jersey Common Pension Fund D cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 19.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 176,032 shares of the financial services provider's stock after selling 43,053 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Fifth Third Bancorp were worth $6,900,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FITB. Nuveen LLC bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. boosted its position in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC boosted its position in Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $40,989,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $1.91 during mid-day trading on Friday, hitting $44.79. 4,092,416 shares of the stock were exchanged, compared to its average volume of 3,516,230. The stock has a market capitalization of $29.65 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.39 and a beta of 0.91. The firm's 50-day simple moving average is $42.06 and its 200 day simple moving average is $39.91. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp declared that its board has approved a share buyback program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.96%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target for the company. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Cowen started coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, TD Cowen started coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.80.

About Fifth Third Bancorp

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.