Fifth Third Bancorp (NASDAQ:FITB) Reaches New 52-Week High – Still a Buy?

by · The Cerbat Gem

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $47.18 and last traded at $47.4330, with a volume of 3903535 shares changing hands. The stock had previously closed at $45.18.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FITB shares. Piper Sandler upped their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, UBS Group increased their price target on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Get Our Latest Stock Analysis on FITB

Fifth Third Bancorp Stock Performance

The stock has a market capitalization of $31.41 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average price of $42.85 and a two-hundred day moving average price of $42.61.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its 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 return on equity of 13.41% and a net margin of 18.67%. 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 announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a $0.40 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.4%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Insider Buying and Selling

In other news, Director Evan Bayh purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares in the company, valued at $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Evolution Wealth Management Inc. acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $26,000. Westside Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Fifth Third Bancorp in the first quarter valued at approximately $27,000. Activest Wealth Management boosted its position in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares during the last quarter. Finally, United Community Bank grew its holdings in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

(Get Free Report)

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.

Featured Articles