Retirement Systems of Alabama Sells 3,046 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Retirement Systems of Alabama lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.0% in the third quarter, HoldingsChannel.com reports. The fund owned 147,846 shares of the financial services provider’s stock after selling 3,046 shares during the period. Retirement Systems of Alabama’s holdings in Fifth Third Bancorp were worth $6,334,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after buying an additional 409,292 shares during the last quarter. Tidal Investments LLC raised its stake in Fifth Third Bancorp by 10.0% during the third quarter. Tidal Investments LLC now owns 24,952 shares of the financial services provider’s stock worth $1,069,000 after acquiring an additional 2,265 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $191,000. World Investment Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $263,000. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Fifth Third Bancorp by 76.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after purchasing an additional 575,449 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Barclays increased their price objective on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Citigroup boosted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Morgan Stanley increased their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $45.32.

Fifth Third Bancorp Trading Down 5.5 %

NASDAQ FITB opened at $42.59 on Thursday. Fifth Third Bancorp has a one year low of $32.29 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50 day simple moving average of $45.67 and a 200 day simple moving average of $41.83. The stock has a market capitalization of $28.56 billion, a P/E ratio of 14.15, a P/E/G ratio of 2.19 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. Research analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.47%. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Company Profile

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.