National Pension Service Increases Stock Position in Fifth Third Bancorp $FITB

National Pension Service lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 22.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,309,111 shares of the financial services provider’s stock after purchasing an additional 238,872 shares during the quarter. National Pension Service’s holdings in Fifth Third Bancorp were worth $73,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in shares of Fifth Third Bancorp by 6,090.8% during the 2nd quarter. California State Teachers Retirement System now owns 79,618,735 shares of the financial services provider’s stock valued at $4,488,108,000 after buying an additional 78,332,647 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after acquiring an additional 10,444,799 shares during the period. Capital World Investors boosted its position in shares of Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. State Street Corp increased its stake in Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after buying an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after purchasing an additional 530,489 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $54.74 on Friday. The stock has a market cap of $49.65 billion, a PE ratio of 18.37, a P/E/G ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a 50-day moving average price of $56.38 and a 200 day moving average price of $52.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period last year, the company earned $0.88 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on FITB shares. Bank of America lifted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. UBS Group lifted their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada increased their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.54.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.