State of Michigan Retirement System Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

State of Michigan Retirement System cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 197,316 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. State of Michigan Retirement System’s holdings in Fifth Third Bancorp were worth $7,200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FITB. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $29,000. Centerpoint Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 750 shares during the last quarter. Family Firm Inc. bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $52,000. Mather Group LLC. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $56,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Fifth Third Bancorp by 327.3% in the 4th quarter. Jones Financial Companies Lllp now owns 1,675 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 1,283 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FITB shares. StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Bank of America upped their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Evercore ISI lowered their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $40.56.

Fifth Third Bancorp Trading Down 0.5 %

Shares of Fifth Third Bancorp stock opened at $41.71 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm has a market cap of $28.53 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The business has a fifty day simple moving average of $39.05 and a 200-day simple moving average of $37.10. Fifth Third Bancorp has a fifty-two week low of $22.49 and a fifty-two week high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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). The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same quarter last year, the company earned $0.87 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.35 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 44.44%.

Insider Activity

In other news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares in the company, valued at $5,376,880. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock worth $2,269,920 over the last 90 days. 0.50% of the stock is currently owned by company insiders.

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.