New York State Teachers Retirement System Grows Stock Holdings in Fifth Third Bancorp $FITB

by · The Markets Daily

New York State Teachers Retirement System boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 10.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 566,359 shares of the financial services provider’s stock after buying an additional 52,527 shares during the quarter. New York State Teachers Retirement System’s holdings in Fifth Third Bancorp were worth $25,231,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Generali Asset Management SPA SGR acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $1,314,000. Allspring Global Investments Holdings LLC lifted its position in shares of Fifth Third Bancorp by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after buying an additional 654,746 shares during the last quarter. Huntington National Bank boosted its holdings in shares of Fifth Third Bancorp by 10.9% in the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after buying an additional 11,935 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Fifth Third Bancorp by 103.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock valued at $56,095,000 after buying an additional 687,275 shares during the last quarter. Finally, Baird Financial Group Inc. raised its stake in Fifth Third Bancorp by 11.4% during the 2nd quarter. Baird Financial Group Inc. now owns 748,735 shares of the financial services provider’s stock worth $30,795,000 after acquiring an additional 76,582 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Down 1.5%

Shares of FITB stock opened at $48.52 on Tuesday. The company has a market capitalization of $32.07 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 0.87 and a beta of 0.97. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The business’s 50 day moving average is $45.55 and its two-hundred day moving average is $44.17. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $50.47.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $3.82 billion during the quarter. Equities analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Activity

In related news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Evan Bayh bought 3,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the transaction, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FITB shares. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, January 6th. Janney Montgomery Scott upped their target price on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Jefferies Financial Group lifted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Wolfe Research reissued an “outperform” rating and issued a $55.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, January 7th. Finally, Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Get Our Latest Research Report on FITB

About Fifth Third Bancorp

(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.

Featured Stories

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB – Free Report).