New Mexico Educational Retirement Board Purchases 14,500 Shares of Fifth Third Bancorp $FITB

New Mexico Educational Retirement Board lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 47.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,780 shares of the financial services provider’s stock after purchasing an additional 14,500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Fifth Third Bancorp were worth $2,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter worth $29,000. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $30,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FITB has been the topic of a number of analyst reports. UBS Group upped their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Robert W. Baird raised their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Evercore set a $60.00 price objective on Fifth Third Bancorp in a report on Monday, July 6th. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Down 0.5%

Shares of Fifth Third Bancorp stock opened at $54.57 on Friday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The stock has a market capitalization of $49.49 billion, a P/E ratio of 18.31, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company has a 50-day simple moving average of $56.74 and a 200 day simple moving average of $52.01. 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 (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. Research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

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.