Short Interest in Fifth Third Bancorp (NASDAQ:FITB) Drops By 31.3%

Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a significant decrease in short interest during the month of February. As of February 13th, there was short interest totaling 43,978,782 shares, a decrease of 31.3% from the January 29th total of 64,058,489 shares. Based on an average daily trading volume, of 14,362,776 shares, the days-to-cover ratio is presently 3.1 days. Approximately 6.7% of the shares of the company are short sold. Approximately 6.7% of the shares of the company are short sold. Based on an average daily trading volume, of 14,362,776 shares, the days-to-cover ratio is presently 3.1 days.

Fifth Third Bancorp Stock Down 4.8%

NASDAQ:FITB traded down $2.50 during trading hours on Friday, hitting $49.47. The company’s stock had a trading volume of 16,709,994 shares, compared to its average volume of 16,176,608. The stock has a fifty day moving average of $50.59 and a 200-day moving average of $46.34. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $32.70 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.99.

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

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FITB. UBS Group restated a “buy” rating and issued a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Janney Montgomery Scott raised their target price on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st. Argus increased their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Finally, Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.56.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently added to or reduced their stakes in FITB. Sit Investment Associates Inc. increased its holdings in Fifth Third Bancorp by 12.5% during the 4th quarter. Sit Investment Associates Inc. now owns 162,585 shares of the financial services provider’s stock valued at $7,611,000 after acquiring an additional 18,066 shares in the last quarter. Titan Investment Management LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $2,734,000. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Sunbelt Securities Inc. increased its stake in shares of Fifth Third Bancorp by 3,603.2% during the 4th quarter. Sunbelt Securities Inc. now owns 1,148 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 1,117 shares in the last quarter. Finally, Cambient Family Office LLC acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $308,000. 83.79% of the stock is 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.