New York State Common Retirement Fund lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 18.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 835,345 shares of the financial services provider’s stock after selling 188,500 shares during the period. New York State Common Retirement Fund’s holdings in Fifth Third Bancorp were worth $31,284,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Boston Partners increased its holdings in shares of Fifth Third Bancorp by 4.4% in the first quarter. Boston Partners now owns 21,565,363 shares of the financial services provider’s stock valued at $807,734,000 after buying an additional 907,764 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Fifth Third Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,684,007 shares of the financial services provider’s stock valued at $266,972,000 after purchasing an additional 36,970 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,484,295 shares of the financial services provider’s stock valued at $261,483,000 after purchasing an additional 240,823 shares during the period. Nuveen Asset Management LLC raised its stake in Fifth Third Bancorp by 46.4% during the 4th quarter. Nuveen Asset Management LLC now owns 8,083,824 shares of the financial services provider’s stock valued at $222,870,000 after purchasing an additional 2,563,567 shares during the period. Finally, Norges Bank acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $217,028,000. 79.02% of the stock is currently owned by institutional investors.
In related news, President Timothy Spence sold 25,603 shares of the stock in a transaction dated Tuesday, May 11th. The shares were sold at an average price of $41.65, for a total value of $1,066,364.95. Following the completion of the transaction, the president now owns 162,918 shares of the company’s stock, valued at $6,785,534.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas H. Harvey sold 40,500 shares of the stock in a transaction dated Thursday, April 22nd. The stock was sold at an average price of $37.11, for a total transaction of $1,502,955.00. The disclosure for this sale can be found here. Insiders have sold 235,579 shares of company stock valued at $9,324,580 in the last ninety days. 0.66% of the stock is owned by company insiders.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.24. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Fifth Third Bancorp had a net margin of 25.12% and a return on equity of 10.84%. During the same quarter in the prior year, the business earned $0.04 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 3.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend was Tuesday, March 30th. Fifth Third Bancorp’s dividend payout ratio is currently 50.00%.
Several analysts have issued reports on FITB shares. Royal Bank of Canada boosted their target price on shares of Fifth Third Bancorp from $38.00 to $42.00 and gave the company an “outperform” rating in a research note on Wednesday, April 21st. JPMorgan Chase & Co. upped their price target on shares of Fifth Third Bancorp from $38.50 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, May 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price target on shares of Fifth Third Bancorp in a research note on Friday, May 7th. Stephens upped their price target on shares of Fifth Third Bancorp from $36.00 to $46.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 30th. Finally, Barclays upped their price target on shares of Fifth Third Bancorp from $37.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Fifth Third Bancorp has an average rating of “Buy” and a consensus price target of $37.39.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.
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