Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $6.03 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,578 shares of the financial services provider’s stock after selling 4,754 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Fifth Third Bancorp were worth $6,028,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FITB. PL Capital Advisors LLC lifted its position in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after buying an additional 1,816,320 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $53,508,000. Raymond James Financial Inc. bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $38,971,000. Boston Partners increased its stake in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after purchasing an additional 823,803 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after purchasing an additional 812,385 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. DA Davidson increased their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Barclays raised their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $47.36.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Trading Up 0.1 %

NASDAQ FITB opened at $39.48 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07. The company has a market cap of $26.38 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The business’s fifty day moving average is $42.53 and its 200 day moving average is $43.57.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.75%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.