California State Teachers Retirement System Grows Position in Fifth Third Bancorp $FITB

California State Teachers Retirement System raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,286,088 shares of the financial services provider’s stock after buying an additional 259,610 shares during the period. California State Teachers Retirement System’s holdings in Fifth Third Bancorp were worth $59,752,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp during the 1st quarter valued at approximately $25,000. SouthState Bank Corp increased its stake in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $30,000. Finally, Reflection Asset Management bought a new stake in Fifth Third Bancorp in the fourth quarter worth $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FITB shares. Morgan Stanley upped their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Royal Bank Of Canada increased their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. The Goldman Sachs Group raised their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, DA Davidson increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $56.62 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business’s 50-day simple moving average is $54.66 and its two-hundred day simple moving average is $51.19. The stock has a market cap of $51.31 billion, a PE ratio of 19.00, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the company earned $0.88 EPS. The business’s revenue was up 45.8% on a year-over-year basis. As a group, analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.