Fifth Third Bancorp (NASDAQ:FITB) Hits New 12-Month High at $30.64

Fifth Third Bancorp (NASDAQ:FITB)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $30.64 and last traded at $30.63, with a volume of 67719 shares trading hands. The stock had previously closed at $30.08.

A number of equities research analysts have recently commented on the company. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Morgan Stanley lowered their price objective on Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Citigroup lowered their price objective on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Nomura set a $29.00 price objective on Fifth Third Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, UBS Group upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.00 to $33.00 in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $31.43.

The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $21.59 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.46 and a beta of 1.40. The company has a fifty day moving average of $27.79 and a 200-day moving average of $27.55.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.02. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. During the same period in the previous year, the firm posted $0.64 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 2.82 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio is currently 37.80%.

In related news, Director Evan Bayh bought 4,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $25.93 per share, for a total transaction of $103,720.00. Following the acquisition, the director now directly owns 48,517 shares in the company, valued at approximately $1,258,045.81. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy Spence sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total value of $137,600.00. Following the transaction, the executive vice president now owns 152,672 shares in the company, valued at $4,201,533.44. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of Fifth Third Bancorp by 4.2% during the 1st quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock valued at $20,569,000 after buying an additional 32,680 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Fifth Third Bancorp by 10.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after buying an additional 55,145 shares during the period. Park National Corp OH raised its position in shares of Fifth Third Bancorp by 21.8% during the 2nd quarter. Park National Corp OH now owns 74,723 shares of the financial services provider’s stock valued at $2,085,000 after buying an additional 13,351 shares during the period. DNB Asset Management AS raised its position in shares of Fifth Third Bancorp by 38.9% during the 2nd quarter. DNB Asset Management AS now owns 184,707 shares of the financial services provider’s stock valued at $5,153,000 after buying an additional 51,735 shares during the period. Finally, Macnealy Hoover Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 1.9% during the 2nd quarter. Macnealy Hoover Investment Management Inc. now owns 54,563 shares of the financial services provider’s stock valued at $1,522,000 after buying an additional 1,023 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

About Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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