Fifth Third Bancorp (NASDAQ:FITB) Reaches New 52-Week High – What’s Next?

Fifth Third Bancorp (NASDAQ:FITB) shares hit a new 52-week high on Wednesday . The stock traded as high as $46.19 and last traded at $46.03, with a volume of 122723 shares. The stock had previously closed at $43.16.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Morgan Stanley lifted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Barclays increased their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Argus boosted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $42.28.

Fifth Third Bancorp Stock Down 2.0 %

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The business’s fifty day moving average price is $42.95 and its 200 day moving average price is $39.89. The company has a market capitalization of $31.09 billion, a P/E ratio of 15.26, a P/E/G ratio of 2.05 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the business earned $0.92 EPS. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.33 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.22%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction 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 directly owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Fifth Third Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the period. American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $34,000. Hexagon Capital Partners LLC increased its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Fifth Third Bancorp in the third quarter valued at about $39,000. Finally, Family Firm Inc. acquired a new position in Fifth Third Bancorp in the second quarter valued at about $52,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.