Public Employees Retirement System of Ohio Invests $15.78 Million in Fifth Third Bancorp $FITB

Public Employees Retirement System of Ohio acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, Holdings Channel reports. The institutional investor acquired 280,009 shares of the financial services provider’s stock, valued at approximately $15,784,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Bank of New York Mellon Corp bought a new stake in Fifth Third Bancorp in the second quarter worth $1,324,903,000. Bank of America Corp DE purchased a new position in shares of Fifth Third Bancorp in the second quarter worth about $995,717,000. Norges Bank purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $649,264,000. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 acquiring an additional 10,444,799 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $314,122,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

FITB opened at $54.57 on Monday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day simple moving average of $56.74 and a two-hundred day simple moving average of $52.00. The firm has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 quarter in the prior year, the business posted $0.88 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. Analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. DA Davidson lifted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, UBS Group upped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp has an average 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.