Fifth Third Bancorp (NASDAQ:FITB) Reaches New 1-Year High at $42.52

Fifth Third Bancorp (NASDAQ:FITB)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $42.52 and last traded at $42.25, with a volume of 116054 shares traded. The stock had previously closed at $42.27.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Robert W. Baird reiterated a “neutral” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 1st. Bank of America increased their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. DA Davidson boosted their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Royal Bank of Canada increased their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, UBS Group reissued a “neutral” rating and set a $39.00 target price (down previously from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $40.15.

Fifth Third Bancorp Trading Down 0.1 %

The firm has a market cap of $28.89 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.99 and a beta of 1.24. The firm’s 50-day moving average is $37.39 and its 200-day moving average is $36.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the business earned $0.87 earnings per share. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Friday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Activity

In related news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the sale, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares in the company, valued at $863,802.81. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. Insiders have sold 37,000 shares of company stock worth $1,523,670 over the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in Fifth Third Bancorp by 11.7% during the fourth quarter. Raymond James & Associates now owns 661,215 shares of the financial services provider’s stock worth $22,805,000 after acquiring an additional 69,273 shares during the period. Global Retirement Partners LLC raised its position in Fifth Third Bancorp by 84.1% in the fourth quarter. Global Retirement Partners LLC now owns 5,794 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 2,647 shares during the period. Caprock Group LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth about $466,000. Woodmont Investment Counsel LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $260,000. Finally, Pinnacle Associates Ltd. bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $207,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.