New York State Teachers Retirement System Has $19.69 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

New York State Teachers Retirement System lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 502,230 shares of the financial services provider’s stock after selling 83,830 shares during the period. New York State Teachers Retirement System owned 0.08% of Fifth Third Bancorp worth $19,687,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FITB. HWG Holdings LP bought a new position in Fifth Third Bancorp in the first quarter worth approximately $27,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. REAP Financial Group LLC raised its position in shares of Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 487 shares during the period. Grove Bank & Trust lifted its holdings in shares of Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares in the last quarter. Finally, Ethos Financial Group LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter worth $39,000. 83.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on FITB. Truist Financial decreased their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Baird R W raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their target price for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Jefferies Financial Group started coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $43.13 on Thursday. The company has a market capitalization of $28.79 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 1.47 and a beta of 0.91. The company’s 50-day moving average is $38.56 and its 200 day moving average is $40.09. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.43%. Fifth Third Bancorp’s payout ratio is 46.98%.

Fifth Third Bancorp announced that its board has initiated a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp Company Profile

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.