Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 10,220,000 shares, a drop of 6.8% from the August 15th total of 10,960,000 shares. Based on an average daily volume of 5,420,000 shares, the short-interest ratio is currently 1.9 days. Currently, 1.4% of the shares of the stock are sold short.
Shares of Fifth Third Bancorp stock traded down $0.05 on Monday, hitting $27.44. The company had a trading volume of 896,393 shares, compared to its average volume of 5,038,296. The firm has a market capitalization of $20.01 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.35 and a beta of 1.38. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $30.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a 50-day moving average of $26.71 and a 200-day moving average of $27.32.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. During the same quarter in the prior year, the company earned $0.63 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 2.83 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.80%.
Fifth Third Bancorp declared that its board has authorized a stock buyback plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other Fifth Third Bancorp news, Director Evan Bayh purchased 4,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was bought at an average price of $25.93 per share, for a total transaction of $103,720.00. Following the transaction, the director now directly owns 48,517 shares in the company, valued at $1,258,045.81. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Lars C. Anderson sold 25,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total transaction of $743,750.00. Following the sale, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Covington Capital Management acquired a new position in shares of Fifth Third Bancorp in the second quarter valued at approximately $25,000. NEXT Financial Group Inc lifted its position in shares of Fifth Third Bancorp by 53.9% in the second quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 443 shares in the last quarter. CWM LLC lifted its position in shares of Fifth Third Bancorp by 47.7% in the second quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 495 shares in the last quarter. CSat Investment Advisory L.P. lifted its position in shares of Fifth Third Bancorp by 179.1% in the second quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Clear Perspective Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the second quarter worth $57,000. Institutional investors own 78.04% of the company’s stock.
Several brokerages have recently commented on FITB. Wedbush lifted their price target on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Wells Fargo & Co boosted their price objective on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a report on Tuesday, June 4th. ValuEngine cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $31.27.
Fifth Third Bancorp Company Profile
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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