Kentucky Retirement Systems Has $3.39 Million Position in Fifth Third Bancorp $FITB

Kentucky Retirement Systems lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 74.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,888 shares of the financial services provider’s stock after acquiring an additional 31,081 shares during the period. Kentucky Retirement Systems’ holdings in Fifth Third Bancorp were worth $3,386,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp grew its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $30,000. Finally, Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $56.62 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a fifty day simple moving average of $54.66 and a two-hundred day simple moving average of $51.19. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The firm has a market capitalization of $51.31 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. Analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FITB shares. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. 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 report on Monday, June 8th. Royal Bank Of Canada raised their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Finally, Jefferies Financial Group boosted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

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.