Teachers Retirement System of The State of Kentucky Acquires 132,754 Shares of Fifth Third Bancorp (FITB)
Teachers Retirement System of The State of Kentucky increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 156.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 217,687 shares of the financial services provider’s stock after acquiring an additional 132,754 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Fifth Third Bancorp were worth $5,651,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Investment Advisors Ltd. boosted its position in Fifth Third Bancorp by 20.8% during the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,000 shares during the last quarter. Ullmann Financial Group Inc. acquired a new position in Fifth Third Bancorp during the first quarter worth about $167,000. Duncker Streett & Co. Inc. boosted its position in Fifth Third Bancorp by 0.3% during the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 17 shares during the last quarter. Cornerstone Advisors Inc. boosted its holdings in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 847 shares during the last quarter. Finally, Robecosam AG boosted its holdings in Fifth Third Bancorp by 6.3% in the 1st quarter. Robecosam AG now owns 8,500 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 79.58% of the company’s stock.
In other news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 27.68 on Thursday. The stock has a market capitalization of $20.39 billion, a P/E ratio of 14.03 and a beta of 1.36. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The firm has a 50 day moving average of $26.47 and a 200-day moving average of $25.59.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. Analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.
Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 67% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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Several research firms have weighed in on FITB. Zacks Investment Research lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Robert W. Baird upgraded shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 target price on the stock in a report on Monday, June 5th. BidaskClub lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $27.68.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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