New York State Teachers Retirement System Has $24.78 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

New York State Teachers Retirement System lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 586,060 shares of the financial services provider’s stock after selling 7,700 shares during the period. New York State Teachers Retirement System’s holdings in Fifth Third Bancorp were worth $24,779,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $28,490,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after acquiring an additional 575,449 shares during the period. Franklin Resources Inc. boosted its stake in Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Fifth Third Bancorp by 4.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after purchasing an additional 399,827 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $44.06 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average price of $43.70 and a 200 day moving average price of $43.50. The stock has a market capitalization of $29.54 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FITB shares. Piper Sandler reissued an “overweight” rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Barclays lifted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $46.75.

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.