Fifth Third Bancorp (FITB) Stake Lowered by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,206,190 shares of the financial services provider’s stock after selling 17,760 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.16% of Fifth Third Bancorp worth $33,749,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in FITB. Sun Life Financial INC raised its holdings in shares of Fifth Third Bancorp by 55,050.0% during the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares during the last quarter. Duncker Streett & Co. Inc. boosted its position in shares of Fifth Third Bancorp by 0.3% during the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after buying an additional 17 shares during the period. Cornerstone Advisors Inc. boosted its position in shares of Fifth Third Bancorp by 14.2% during the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after buying an additional 847 shares during the period. Regentatlantic Capital LLC purchased a new position in shares of Fifth Third Bancorp during the third quarter worth $205,000. Finally, Fulton Bank N.A. purchased a new position in shares of Fifth Third Bancorp during the second quarter worth $221,000. Hedge funds and other institutional investors own 82.72% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at $29.12 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.93. Fifth Third Bancorp has a 12-month low of $21.18 and a 12-month high of $29.39. The firm has a market cap of $20,543.40, a price-to-earnings ratio of 16.18, a P/E/G ratio of 2.41 and a beta of 1.34.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.48. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.55 billion. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. During the same quarter in the prior year, the business posted $0.65 EPS. analysts anticipate that Fifth Third Bancorp will post 1.8 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a dividend of $0.16 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, September 28th. This represents a $0.64 annualized dividend and a yield of 2.20%. Fifth Third Bancorp’s dividend payout ratio is 23.97%.
FITB has been the subject of several research analyst reports. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. UBS AG reiterated a “sell” rating and issued a $26.00 target price (up from $25.00) on shares of Fifth Third Bancorp in a report on Friday, October 6th. Bank of America Corporation lifted their target price on Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Piper Jaffray Companies reiterated a “hold” rating and issued a $27.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, October 24th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $28.33.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Timothy Spence sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $28.86, for a total transaction of $432,900.00. Following the completion of the transaction, the executive vice president now owns 154,577 shares of the company’s stock, valued at $4,461,092.22. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.
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About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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