Fifth Third Bancorp (NASDAQ:FITB) Hits New 1-Year High at $43.01

Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high during trading on Tuesday . The stock traded as high as $43.01 and last traded at $42.82, with a volume of 773384 shares. The stock had previously closed at $42.38.

Analyst Ratings Changes

FITB has been the subject of a number of research analyst reports. Royal Bank of Canada upped 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. Jefferies Financial Group lifted their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Wolfe Research raised Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research note on Friday, May 31st. Bank of America upped their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, StockNews.com raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.

Fifth Third Bancorp Trading Up 0.3 %

The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $29.08 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22. The firm’s 50-day simple moving average is $40.73 and its 200-day simple moving average is $37.96.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter last year, the firm posted $0.87 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.48%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was 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 of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock worth $2,269,920 in the last quarter. 0.50% of the stock is owned by insiders.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Morningstar Investment Management LLC bought a new stake in Fifth Third Bancorp during the 4th quarter valued at $2,257,000. Bank of Nova Scotia raised its stake in shares of Fifth Third Bancorp by 31.6% during the fourth quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock valued at $3,056,000 after acquiring an additional 21,251 shares during the last quarter. Park National Corp OH boosted its holdings in shares of Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after purchasing an additional 5,411 shares during the period. rhino investment partners Inc grew its stake in shares of Fifth Third Bancorp by 20.1% in the fourth quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after purchasing an additional 217,956 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Fifth Third Bancorp by 8.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock valued at $10,043,000 after purchasing an additional 21,612 shares during the period. 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.