Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Stake in Fifth Third Bancorp $FITB

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 22.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 123,755 shares of the financial services provider’s stock after selling 35,188 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Fifth Third Bancorp were worth $5,793,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 292 shares in the last quarter. Harbor Investment Advisory LLC lifted its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares in the last quarter. Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $30,000. United Community Bank lifted its holdings in shares of Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 shares in the last quarter. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in shares of Fifth Third Bancorp by 619.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock worth $34,000 after buying an additional 632 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $50.31 on Wednesday. The company has a market cap of $45.60 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 0.99 and a beta of 0.92. The firm’s fifty day moving average is $48.63 and its 200 day moving average is $48.28. 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 has a 52-week low of $37.81 and a 52-week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is presently 53.69%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business’s 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 transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on FITB. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a report on Monday, May 4th. Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, April 21st. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Company 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.