Fifth Third Bancorp $FITB Shares Sold by Employees Retirement System of Texas

by · The Cerbat Gem

Employees Retirement System of Texas lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,714,700 shares of the financial services provider’s stock after selling 30,700 shares during the period. Employees Retirement System of Texas’ holdings in Fifth Third Bancorp were worth $80,265,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bank of America Corp DE raised its position in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after purchasing an additional 2,293,939 shares during the period. Alecta Tjanstepension Omsesidigt grew its stake in shares of Fifth Third Bancorp by 130.6% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock valued at $157,541,000 after buying an additional 1,907,400 shares in the last quarter. Capital World Investors grew its stake in shares of Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after buying an additional 1,803,861 shares in the last quarter. Smead Capital Management Inc. raised its holdings in shares of Fifth Third Bancorp by 99.9% during the 4th quarter. Smead Capital Management Inc. now owns 3,250,139 shares of the financial services provider’s stock valued at $152,139,000 after buying an additional 1,624,138 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in Fifth Third Bancorp by 3,358.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,667,523 shares of the financial services provider’s stock worth $78,057,000 after acquiring an additional 1,619,314 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FITB shares. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. TD Cowen reissued a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Weiss Ratings lowered shares of Fifth Third Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Jefferies Financial Group lifted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.19.

Read Our Latest Research Report on Fifth Third Bancorp

Fifth Third Bancorp Stock Up 0.7%

Shares of Fifth Third Bancorp stock opened at $49.82 on Wednesday. The business has a 50-day moving average price of $48.18 and a 200 day moving average price of $48.09. Fifth Third Bancorp has a fifty-two week low of $37.28 and a fifty-two week high of $55.44. The firm has a market cap of $45.15 billion, a P/E ratio of 16.72, a P/E/G ratio of 1.01 and a beta of 0.94. 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 (NASDAQ:FITB – Get Free Report) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.87. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter last year, the business posted $0.71 EPS. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s payout ratio is 53.69%.

Fifth Third Bancorp Profile

(Free Report)

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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