California Public Employees Retirement System Purchases 104,263 Shares of Fifth Third Bancorp $FITB

California Public Employees Retirement System lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,199,870 shares of the financial services provider’s stock after acquiring an additional 104,263 shares during the quarter. California Public Employees Retirement System owned approximately 0.18% of Fifth Third Bancorp worth $49,351,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FITB. Banque Transatlantique SA bought a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Activest Wealth Management raised 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 purchasing an additional 626 shares during the period. GoalVest Advisory LLC lifted 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 valued at $31,000 after buying an additional 532 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $32,000. Finally, BankPlus Trust Department grew its stake in Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after buying an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares in the company, valued at $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 SEC, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $45.18 on Wednesday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $47.00. 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 $29.87 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99. The stock has a 50-day moving average price of $42.85 and a 200-day moving average price of $42.61.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The business had revenue of $3.82 billion for the quarter. As a group, equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.76%.

Analyst Ratings Changes

Several equities research analysts have issued reports on FITB shares. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. TD Cowen increased their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Piper Sandler cut their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. The Goldman Sachs Group upped their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.75.

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.