New York State Common Retirement Fund Has $25.89 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Posted by Defense World Staff on Apr 16th, 2023

Fifth Third Bancorp logo New York State Common Retirement Fund grew its holdings in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 789,051 shares of the financial services provider’s stock after purchasing an additional 7,877 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Fifth Third Bancorp worth $25,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clarius Group LLC raised its stake in Fifth Third Bancorp by 3.9% during the 3rd quarter. Clarius Group LLC now owns 10,134 shares of the financial services provider’s stock worth $324,000 after buying an additional 376 shares during the period. HB Wealth Management LLC raised its stake in Fifth Third Bancorp by 10.3% during the 3rd quarter. HB Wealth Management LLC now owns 10,558 shares of the financial services provider’s stock worth $337,000 after buying an additional 989 shares during the period. Texas Permanent School Fund raised its stake in Fifth Third Bancorp by 7.1% during the 3rd quarter. Texas Permanent School Fund now owns 97,091 shares of the financial services provider’s stock worth $3,103,000 after buying an additional 6,470 shares during the period. Boyd Watterson Asset Management LLC OH acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $36,000. Finally, Amundi raised its stake in Fifth Third Bancorp by 8.7% during the 2nd quarter. Amundi now owns 1,475,006 shares of the financial services provider’s stock worth $47,509,000 after buying an additional 118,617 shares during the period. 80.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FITB. Wells Fargo & Company dropped their price target on Fifth Third Bancorp from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, April 3rd. Keefe, Bruyette & Woods raised Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $38.00 to $34.00 in a report on Wednesday, April 5th. Morgan Stanley decreased their price objective on Fifth Third Bancorp from $37.00 to $29.00 and set an “equal weight” rating for the company in a report on Wednesday, April 5th. The Goldman Sachs Group decreased their price objective on Fifth Third Bancorp from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Finally, Barclays decreased their price objective on Fifth Third Bancorp from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $37.53.

Fifth Third Bancorp Trading Down 0.5 %

NASDAQ:FITB opened at $26.44 on Friday. The company has a market cap of $18.01 billion, a P/E ratio of 7.87, a P/E/G ratio of 0.90 and a beta of 1.17. The stock’s fifty day moving average price is $31.10 and its two-hundred day moving average price is $33.16. Fifth Third Bancorp has a 1 year low of $22.11 and a 1 year high of $41.87. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.77.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last posted its earnings results on Thursday, January 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a return on equity of 15.48% and a net margin of 26.15%. During the same quarter in the prior year, the business posted $0.90 earnings per share. As a group, analysts expect that Fifth Third Bancorp will post 3.55 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.99%. The ex-dividend date of this dividend is Thursday, March 30th. Fifth Third Bancorp’s dividend payout ratio is 39.29%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Gary R. Heminger purchased 33,000 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $26.82 per share, with a total value of $885,060.00. Following the acquisition, the director now directly owns 127,043 shares in the company, valued at approximately $3,407,293.26. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fifth Third Bancorp news, Director Gary R. Heminger purchased 33,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was purchased at an average price of $26.82 per share, for a total transaction of $885,060.00. Following the transaction, the director now owns 127,043 shares in the company, valued at approximately $3,407,293.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Howard Hammond sold 2,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $37.52, for a total value of $75,040.00. Following the sale, the executive vice president now owns 50,686 shares of the company’s stock, valued at approximately $1,901,738.72. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

About Fifth Third Bancorp

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.