South Dakota Investment Council Purchases 41,566 Shares of Fifth Third Bancorp $FITB

South Dakota Investment Council raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 456.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 50,666 shares of the financial services provider’s stock after purchasing an additional 41,566 shares during the period. South Dakota Investment Council’s holdings in Fifth Third Bancorp were worth $2,354,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after acquiring an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Capital World Investors grew its stake in Fifth Third Bancorp by 5.6% in the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. State Street Corp increased its position in shares of Fifth Third Bancorp by 0.3% during the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after purchasing an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after purchasing an additional 530,489 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $56.62 on Friday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm has a market cap of $51.31 billion, a P/E ratio of 19.00, a PEG ratio of 1.09 and a beta of 0.90. The company has a 50 day moving average of $54.66 and a 200 day moving average of $51.19. 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) last posted 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 business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the business posted $0.88 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have weighed in on FITB. Barclays increased their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Stephens began coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective on the stock. Morgan Stanley raised their price target on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. UBS Group increased their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. 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’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

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.