Retirement Systems of Alabama Lowers Position in Fifth Third Bancorp (NASDAQ:FITB)

Retirement Systems of Alabama cut its holdings in Fifth Third Bancorp (NASDAQ:FITBFree Report) by 0.8% in the first quarter, Holdings Channel reports. The fund owned 143,944 shares of the financial services provider’s stock after selling 1,234 shares during the quarter. Retirement Systems of Alabama’s holdings in Fifth Third Bancorp were worth $5,643,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FITB. Venturi Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 54.7% during the fourth quarter. Venturi Wealth Management LLC now owns 1,035 shares of the financial services provider’s stock valued at $44,000 after buying an additional 366 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of Fifth Third Bancorp by 242.9% during the fourth quarter. Atria Wealth Solutions Inc. now owns 19,592 shares of the financial services provider’s stock valued at $830,000 after acquiring an additional 13,878 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 33.4% during the fourth quarter. Concurrent Investment Advisors LLC now owns 6,697 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 1,677 shares in the last quarter. Howard Capital Management Inc. increased its holdings in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider’s stock valued at $219,000 after acquiring an additional 274 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Fifth Third Bancorp by 1.1% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 179,444 shares of the financial services provider’s stock valued at $7,587,000 after acquiring an additional 2,000 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $40.59 on Wednesday. The stock has a market capitalization of $27.09 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.38 and a beta of 0.90. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The firm’s 50 day simple moving average is $37.67 and its 200-day simple moving average is $40.23. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter last year, the firm posted $0.70 EPS. Analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.65%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Citigroup cut their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, June 10th. Stephens restated an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Finally, TD Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They issued a “buy” rating and a $52.00 price target on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.53.

View Our Latest Research Report on FITB

About Fifth Third Bancorp

(Free Report)

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.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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