New York State Teachers Retirement System Decreases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

New York State Teachers Retirement System lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 586,060 shares of the financial services provider's stock after selling 7,700 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Fifth Third Bancorp worth $24,779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its position in Fifth Third Bancorp by 12.4% during the fourth 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 period. QRG Capital Management Inc. boosted its position in Fifth Third Bancorp by 15.1% during 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 during the period. Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp during the fourth quarter worth about $9,878,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider's stock worth $19,776,000 after purchasing an additional 55,081 shares during the period. Finally, Smith Group Asset Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $423,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Royal Bank of Canada restated an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. StockNews.com lowered shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Finally, Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating 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. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $46.75.

Fifth Third Bancorp Price Performance

Shares of FITB stock traded down $0.11 during trading hours on Wednesday, hitting $44.35. 2,935,225 shares of the company's stock were exchanged, compared to its average volume of 4,629,186. The company has a market capitalization of $29.74 billion, a PE ratio of 14.12, a PEG ratio of 1.43 and a beta of 1.23. Fifth Third Bancorp has a 12-month low of $33.03 and a 12-month high of $49.07. The business's 50 day simple moving average is $43.62 and its 200-day simple moving average is $43.58. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.

Fifth Third Bancorp 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.