Fifth Third Bancorp $FITB Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 36.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,983 shares of the financial services provider’s stock after selling 29,159 shares during the period. Texas Permanent School Fund Corp’s holdings in Fifth Third Bancorp were worth $2,097,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp in the first quarter valued at approximately $27,000. Activest Wealth Management increased its position in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares in the last quarter. GoalVest Advisory LLC raised its stake in shares of Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after buying an additional 532 shares during the period. Finally, Legacy Investment Solutions LLC purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at approximately $32,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $47.83 on Monday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $48.71. The company has a market cap of $31.62 billion, a P/E ratio of 14.28, a P/E/G ratio of 0.97 and a beta of 0.99. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $43.52 and its 200-day moving average price is $43.16.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $3.82 billion during the quarter. On average, sell-side analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.76%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Evercore ISI cut their target price on shares of Fifth Third Bancorp from $49.00 to $47.00 in a research note on Thursday, October 30th. Stephens upped their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Finally, Citigroup boosted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $52.00.

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.