Retirement Systems of Alabama Sells 2,668 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Retirement Systems of Alabama cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.8% in the 4th quarter, HoldingsChannel reports. The fund owned 145,178 shares of the financial services provider’s stock after selling 2,668 shares during the period. Retirement Systems of Alabama’s holdings in Fifth Third Bancorp were worth $6,138,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Boston Common Asset Management LLC grew its stake in Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after purchasing an additional 34,203 shares during the period. QRG Capital Management Inc. raised its stake in Fifth Third Bancorp by 15.1% in the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after acquiring an additional 9,444 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock valued at $19,776,000 after purchasing an additional 55,081 shares during the last quarter. Smith Group Asset Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $423,000. Finally, Icon Wealth Advisors LLC purchased a new position in shares of Fifth Third Bancorp in the third quarter worth about $541,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Down 0.6 %

NASDAQ:FITB opened at $44.04 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The company has a 50-day moving average of $44.06 and a 200 day moving average of $43.45. The firm has a market cap of $29.53 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Wall Street Analyst Weigh In

FITB has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. DA Davidson lifted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Barclays increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.75.

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.