Fifth Third Bancorp (FITB) Position Boosted by Teacher Retirement System of Texas

Share on StockTwits

Teacher Retirement System of Texas boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 61.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,731,857 shares of the financial services provider’s stock after buying an additional 660,259 shares during the period. Teacher Retirement System of Texas’ holdings in Fifth Third Bancorp were worth $49,704,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. Boston Partners lifted its holdings in Fifth Third Bancorp by 1.0% in the 2nd quarter. Boston Partners now owns 12,408,147 shares of the financial services provider’s stock valued at $356,114,000 after acquiring an additional 117,763 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Fifth Third Bancorp by 16.9% in the 2nd quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock valued at $211,301,000 after acquiring an additional 1,062,218 shares during the last quarter. First Trust Advisors LP lifted its holdings in Fifth Third Bancorp by 0.8% in the 2nd quarter. First Trust Advisors LP now owns 4,120,217 shares of the financial services provider’s stock valued at $118,250,000 after acquiring an additional 33,996 shares during the last quarter. Pzena Investment Management LLC lifted its holdings in Fifth Third Bancorp by 3.3% in the 2nd quarter. Pzena Investment Management LLC now owns 4,075,715 shares of the financial services provider’s stock valued at $116,973,000 after acquiring an additional 129,960 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Fifth Third Bancorp by 1.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,137,155 shares of the financial services provider’s stock valued at $99,604,000 after acquiring an additional 44,856 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Fifth Third Bancorp opened at $29.34 on Friday, according to MarketBeat.com. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $19.72 billion, a PE ratio of 13.42, a P/E/G ratio of 1.64 and a beta of 1.28. Fifth Third Bancorp has a 52-week low of $24.66 and a 52-week high of $34.67.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.61 billion. Fifth Third Bancorp had a net margin of 32.86% and a return on equity of 11.12%. During the same period in the prior year, the firm earned $0.45 earnings per share. sell-side analysts predict that Fifth Third Bancorp will post 2.51 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 16th. Stockholders of record on Friday, June 29th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, June 28th. Fifth Third Bancorp’s dividend payout ratio is 26.87%.

A number of analysts have commented on the stock. BMO Capital Markets reduced their price objective on shares of Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating for the company in a research note on Monday, July 23rd. BidaskClub lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 22nd. Argus assumed coverage on shares of Fifth Third Bancorp in a research note on Thursday, June 14th. They set a “buy” rating and a $36.00 price objective for the company. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Monday, July 16th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a research note on Thursday, July 19th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $32.08.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

Further Reading: Book Value Per Share – BVPS

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB).

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

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply