State of Michigan Retirement System Purchases 62,100 Shares of Fifth Third Bancorp $FITB

State of Michigan Retirement System grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 33.7% in the first quarter, HoldingsChannel reports. The fund owned 246,416 shares of the financial services provider’s stock after acquiring an additional 62,100 shares during the period. State of Michigan Retirement System’s holdings in Fifth Third Bancorp were worth $11,448,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Harbor Investment Advisory LLC raised its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. Leonteq Securities AG acquired a new position in Fifth Third Bancorp during the fourth quarter worth $30,000. Reflection Asset Management bought a new position in Fifth Third Bancorp in the fourth quarter valued at $30,000. Finally, EFG International AG acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at $33,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FITB. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. DA Davidson reaffirmed a “buy” rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Barclays increased their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Finally, Stephens assumed coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.11.

Insider Buying and Selling

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Up 1.7%

Fifth Third Bancorp stock opened at $58.02 on Thursday. The firm has a market capitalization of $52.59 billion, a PE ratio of 19.47, a P/E/G ratio of 1.09 and a beta of 0.90. The company’s 50-day moving average is $52.65 and its 200-day moving average is $50.48. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.51. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the prior year, the firm earned $0.71 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.