Fifth Third Bancorp $FITB Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 6,090.8% in the second quarter, Holdings Channel.com reports. The fund owned 79,618,735 shares of the financial services provider’s stock after buying an additional 78,332,647 shares during the quarter. California State Teachers Retirement System owned about 0.09% of Fifth Third Bancorp worth $4,488,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of FITB. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp during the first quarter worth about $25,000. SouthState Bank Corp lifted its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Clearstead Trust LLC acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $54.24 on Thursday. The firm has a market cap of $49.19 billion, a P/E ratio of 18.20, a P/E/G ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The business’s 50-day moving average price is $56.49 and its 200 day moving average price is $52.05. The company has a quick ratio of 0.83, a current 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 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The firm’s revenue was up 45.8% on a year-over-year basis. On average, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Bank of America lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Royal Bank Of Canada lifted their target price 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Profile

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.