Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 187,769 shares of the financial services provider’s stock after acquiring an additional 456 shares during the quarter. Arizona State Retirement System’s holdings in Fifth Third Bancorp were worth $6,852,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FITB. Victory Capital Management Inc. boosted its stake in Fifth Third Bancorp by 7.4% during the 2nd quarter. Victory Capital Management Inc. now owns 1,384,491 shares of the financial services provider’s stock worth $50,520,000 after purchasing an additional 94,924 shares during the period. MCF Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 1.2% in the second quarter. MCF Advisors LLC now owns 42,107 shares of the financial services provider’s stock valued at $1,547,000 after buying an additional 513 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Fifth Third Bancorp by 23.1% during the second quarter. National Bank of Canada FI now owns 193,138 shares of the financial services provider’s stock worth $7,005,000 after buying an additional 36,287 shares during the period. TD Asset Management Inc grew its holdings in shares of Fifth Third Bancorp by 5.6% during the second quarter. TD Asset Management Inc now owns 289,206 shares of the financial services provider’s stock worth $10,553,000 after buying an additional 15,282 shares during the last quarter. Finally, Founders Financial Securities LLC increased its position in Fifth Third Bancorp by 9.8% in the 2nd quarter. Founders Financial Securities LLC now owns 10,638 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 946 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $40.69 on Friday. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $42.91. The company has a market capitalization of $27.83 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $40.12 and a two-hundred day moving average price of $37.60.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same period in the previous year, the business posted $0.87 EPS. As a group, research analysts expect that Fifth Third Bancorp will post 3.3 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 Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 3.44%. Fifth Third Bancorp’s payout ratio is 44.44%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Argus lifted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Evercore ISI lowered their price objective on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 25th. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Finally, Bank of America increased their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $40.56.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at $5,224,883.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the sale, the executive vice president now directly owns 134,422 shares in the company, valued at approximately $5,376,880. The disclosure for this sale can be found here. In the last three months, insiders sold 54,500 shares of company stock valued at $2,269,920. Company insiders own 0.50% of the company’s stock.

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.