Public Sector Pension Investment Board Raises Position in Fifth Third Bancorp (NASDAQ:FITB)

Public Sector Pension Investment Board raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,197 shares of the financial services provider’s stock after buying an additional 2,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in Fifth Third Bancorp were worth $5,064,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp during the second quarter worth about $33,337,000. Charles Schwab Investment Management Inc. lifted its position in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the last quarter. Millennium Management LLC grew its stake in Fifth Third Bancorp by 896.7% in the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after buying an additional 583,781 shares in the last quarter. Employees Retirement System of Texas increased its holdings in shares of Fifth Third Bancorp by 38.7% in the 2nd quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock worth $52,323,000 after buying an additional 399,900 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after buying an additional 399,827 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays increased their target price on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Citigroup raised their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Evercore ISI upped their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $43.62.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $48.06 on Monday. Fifth Third Bancorp has a 1-year low of $28.29 and a 1-year high of $49.07. The firm has a market cap of $32.23 billion, a P/E ratio of 15.97, a P/E/G ratio of 2.30 and a beta of 1.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average of $44.70 and a 200-day moving average of $41.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the business posted $0.92 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. Sell-side analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.08%. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Fifth Third Bancorp Company Profile

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.