Teachers Retirement System of The State of Kentucky Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Teachers Retirement System of The State of Kentucky decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,298,563 shares of the financial services provider’s stock after selling 32,086 shares during the quarter. Fifth Third Bancorp makes up about 0.5% of Teachers Retirement System of The State of Kentucky’s holdings, making the stock its 29th biggest holding. Teachers Retirement System of The State of Kentucky’s holdings in Fifth Third Bancorp were worth $54,903,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FITB. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after buying an additional 812,385 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after acquiring an additional 285,910 shares in the last quarter. Boston Partners boosted its holdings in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. First Trust Advisors LP increased its holdings in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after purchasing an additional 1,027,044 shares during the period. Finally, Norges Bank purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $371,836,000. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FITB has been the subject of several recent research reports. Stephens restated an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Piper Sandler restated an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Wells Fargo & Company decreased their price objective on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Barclays boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Morgan Stanley cut their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $48.12.

Fifth Third Bancorp Stock Down 0.7 %

FITB stock opened at $34.15 on Friday. The company has a market cap of $22.82 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 1.42 and a beta of 0.99. The firm has a 50-day moving average of $39.16 and a two-hundred day moving average of $42.66. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. As a group, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 4.33%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.