Commonwealth of Pennsylvania Public School Empls Retrmt SYS Increases Position in Fifth Third Bancorp $FITB

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 69.4% during the first quarter, Holdings Channel reports. The institutional investor owned 209,658 shares of the financial services provider’s stock after acquiring an additional 85,903 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Fifth Third Bancorp were worth $9,741,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Citizens Financial Group Inc. RI increased its holdings in Fifth Third Bancorp by 96.4% in the first quarter. Citizens Financial Group Inc. RI now owns 9,002 shares of the financial services provider’s stock valued at $418,000 after buying an additional 4,418 shares in the last quarter. Midwest Trust Co boosted its position in Fifth Third Bancorp by 0.6% during the first quarter. Midwest Trust Co now owns 290,369 shares of the financial services provider’s stock worth $13,491,000 after purchasing an additional 1,721 shares in the last quarter. Fifth Third Bancorp grew its holdings in Fifth Third Bancorp by 33.6% in the first quarter. Fifth Third Bancorp now owns 916,927 shares of the financial services provider’s stock valued at $42,600,000 after purchasing an additional 230,687 shares during the last quarter. Sachetta LLC grew its holdings in Fifth Third Bancorp by 85.6% in the first quarter. Sachetta LLC now owns 735 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 339 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter valued at $284,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research reports. 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 note on Wednesday, April 8th. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. UBS Group upped their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Finally, Piper Sandler restated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $57.19 on Tuesday. The business’s 50-day moving average price is $52.37 and its 200 day moving average price is $50.35. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $58.51. The company has a market capitalization of $51.83 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business earned $0.71 EPS. On average, research 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 will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by company insiders.

Fifth Third Bancorp Profile

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.