State of Michigan Retirement System Lowers Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

State of Michigan Retirement System trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 191,016 shares of the financial services provider’s stock after selling 3,300 shares during the quarter. State of Michigan Retirement System’s holdings in Fifth Third Bancorp were worth $8,076,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FITB. Boston Common Asset Management LLC lifted its stake in shares of Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after purchasing an additional 34,203 shares during the last quarter. QRG Capital Management Inc. raised its holdings in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $9,878,000. Smith Group Asset Management LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $423,000. Finally, Icon Wealth Advisors LLC purchased a new position in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $541,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $40.45 on Thursday. The firm’s fifty day moving average is $43.36 and its two-hundred day moving average is $43.80. The firm has a market cap of $26.92 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.66%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FITB has been the subject of several recent analyst reports. Truist Financial raised their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Stephens restated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday. Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $47.31.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.