Fifth Third Bancorp (NASDAQ:FITB) Sets New 52-Week High – Here’s Why

Shares of Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $54.45 and last traded at $54.62, with a volume of 715640 shares. The stock had previously closed at $52.75.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FITB. Piper Sandler raised their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. Janney Montgomery Scott lifted their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. DA Davidson raised their price target on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Truist Financial boosted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Royal Bank Of Canada upped their price objective on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Price Performance

The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The company has a fifty day simple moving average of $48.74 and a two-hundred day simple moving average of $45.20. The company has a market cap of $36.41 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its stake in shares of Fifth Third Bancorp by 4.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock worth $199,000 after buying an additional 187 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after buying an additional 206 shares during the period. Keybank National Association OH boosted its position in Fifth Third Bancorp by 0.3% in the fourth quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after purchasing an additional 214 shares during the last quarter. Austin Private Wealth LLC boosted its holdings in shares of Fifth Third Bancorp by 2.7% in the fourth quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider’s stock worth $407,000 after buying an additional 228 shares during the last quarter. Finally, Wealthquest Corp grew its position in shares of Fifth Third Bancorp by 2.3% during the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 244 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.