New Mexico Educational Retirement Board Acquires 14,500 Shares of Fifth Third Bancorp $FITB

New Mexico Educational Retirement Board grew its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 47.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 44,780 shares of the financial services provider’s stock after buying an additional 14,500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Fifth Third Bancorp were worth $2,524,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $1,324,903,000. Bank of America Corp DE bought a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $995,717,000. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth $649,264,000. Price T Rowe Associates Inc. MD lifted its holdings in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in Fifth Third Bancorp in the 2nd quarter valued at $314,122,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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Fifth Third Bancorp Stock Down 0.5%

Fifth Third Bancorp stock opened at $54.57 on Friday. The firm has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 1.09 and a beta of 0.91. The company’s 50 day simple moving average is $56.74 and its 200 day simple moving average is $52.01. 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 has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings results 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the business earned $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

Analysts Set New Price Targets

FITB has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Royal Bank Of Canada upped their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a report on Monday, July 6th. Finally, Citigroup lifted their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. One investment 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.54.

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About Fifth Third Bancorp

(Free Report)

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.

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