Public Employees Retirement System of Ohio Boosts Position in Fifth Third Bancorp $FITB

Public Employees Retirement System of Ohio raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 32.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 284,874 shares of the financial services provider’s stock after acquiring an additional 69,093 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Fifth Third Bancorp were worth $13,235,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Empowered Funds LLC lifted its holdings in shares of Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP increased its holdings in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares during the period. Brown Advisory Inc. raised its position in Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new position in shares of Fifth Third Bancorp during the second quarter worth about $968,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $57.41 on Monday. The company has a market capitalization of $52.03 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The stock has a 50-day simple moving average of $53.97 and a 200 day simple moving average of $50.98. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the business earned $0.88 EPS. The company’s quarterly revenue was up 45.8% on a year-over-year basis. Sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is currently 54.61%.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. Wells Fargo & Company raised their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Barclays upped their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Finally, UBS Group boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.49.

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.