State Board of Administration of Florida Retirement System Sells 3,916 Shares of Fifth Third Bancorp $FITB

State Board of Administration of Florida Retirement System cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 742,259 shares of the financial services provider’s stock after selling 3,916 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Fifth Third Bancorp were worth $30,529,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fifth Third Bancorp by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after buying an additional 398,517 shares in the last quarter. Geode Capital Management LLC grew its position in Fifth Third Bancorp by 3.6% during the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after acquiring an additional 619,956 shares during the last quarter. Invesco Ltd. raised its stake in shares of Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after acquiring an additional 862,374 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth approximately $334,805,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $43.44 on Friday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $48.50. The business’s fifty day simple moving average is $42.89 and its two-hundred day simple moving average is $42.28. 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 has a market cap of $28.71 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 EPS. Research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FITB. Robert W. Baird raised their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, October 2nd. The Goldman Sachs Group increased their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. UBS Group boosted their price objective on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Wolfe Research upped their price objective on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Finally, Evercore ISI cut their target price on Fifth Third Bancorp from $49.00 to $47.00 in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.35.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the purchase, the director owned 84,942 shares in the company, valued at $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is currently 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.