Fifth Third Bancorp (NASDAQ:FITB) Hits New 1-Year High – Time to Buy?

by · The Markets Daily

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $58.88 and last traded at $58.8060, with a volume of 277685 shares trading hands. The stock had previously closed at $57.94.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, May 4th. DA Davidson restated a “buy” rating and set a $58.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Finally, Wolfe Research reduced their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.11.

Read Our Latest Research Report on Fifth Third Bancorp

Fifth Third Bancorp Stock Performance

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 capitalization of $53.80 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.09 and a beta of 0.90. The stock has a 50 day simple moving average of $52.65 and a two-hundred day simple moving average of $50.48.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the previous year, the business earned $0.71 EPS. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of large investors have recently made changes to their positions in FITB. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp grew its position in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Harbor Investment Advisory LLC grew its position in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

(Get Free Report)

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.

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