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

Teachers Retirement System of The State of Kentucky raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 76.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,330,649 shares of the financial services provider’s stock after purchasing an additional 575,449 shares during the period. Fifth Third Bancorp accounts for about 0.5% of Teachers Retirement System of The State of Kentucky’s portfolio, making the stock its 26th largest position. Teachers Retirement System of The State of Kentucky owned 0.20% of Fifth Third Bancorp worth $57,005,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Venturi Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares during the last quarter. American Capital Advisory LLC purchased a new stake in Fifth Third Bancorp during the second quarter valued at approximately $34,000. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the third quarter valued at approximately $36,000. Hexagon Capital Partners LLC grew its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth $39,000. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on FITB. Barclays raised their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Wells Fargo & Company raised their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley boosted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Piper Sandler lifted their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $44.81.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $46.39 on Wednesday. The firm’s 50-day moving average is $45.23 and its two-hundred day moving average is $41.45. Fifth Third Bancorp has a 12 month low of $30.47 and a 12 month high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $31.11 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 2.26 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. Fifth Third Bancorp’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.92 EPS. Analysts predict that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.19%. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

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.