Fifth Third Bancorp (NASDAQ:FITB) Stock Price Breaks Above Fifty Day Moving Average – Here’s Why

Shares of Fifth Third Bancorp (NASDAQ:FITB) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $53.02 and traded as high as $53.79. Fifth Third Bancorp shares last traded at $53.0680, with a volume of 5,617,904 shares changing hands.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. DA Davidson raised their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Stephens decreased their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.77.

Fifth Third Bancorp Stock Up 0.2%

The company has a 50 day moving average of $53.02 and a 200-day moving average of $51.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $48.13 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s payout ratio is presently 57.53%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Oakworth Capital Inc. raised its holdings in shares of Fifth Third Bancorp by 1.9% during the 3rd quarter. Oakworth Capital Inc. now owns 452,372 shares of the financial services provider’s stock valued at $22,881,000 after buying an additional 8,307 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Fifth Third Bancorp by 13.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 96,278 shares of the financial services provider’s stock worth $4,870,000 after buying an additional 11,405 shares during the last quarter. Apollon Wealth Management LLC boosted its stake in Fifth Third Bancorp by 3.8% in the third quarter. Apollon Wealth Management LLC now owns 29,804 shares of the financial services provider’s stock worth $1,507,000 after buying an additional 1,081 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 31.6% in the third quarter. Kingswood Wealth Advisors LLC now owns 8,821 shares of the financial services provider’s stock worth $446,000 after buying an additional 2,118 shares in the last quarter. Finally, Sigma Planning Corp boosted its stake in Fifth Third Bancorp by 31.1% in the third quarter. Sigma Planning Corp now owns 29,572 shares of the financial services provider’s stock worth $1,496,000 after buying an additional 7,012 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.