Fifth Third Bancorp (FITB) Short Interest Up 206.1% in August
Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 39,709,411 shares, a growth of 206.1% from the August 15th total of 12,973,538 shares. Approximately 5.4% of the shares of the company are short sold. Based on an average daily volume of 5,249,479 shares, the days-to-cover ratio is presently 7.6 days.
FITB has been the subject of a number of research reports. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a report on Thursday, July 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $27.50 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Finally, BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $26.54.
In related news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its stake in Fifth Third Bancorp by 0.7% in the 1st quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 32 shares in the last quarter. YorkBridge Wealth Partners LLC increased its stake in Fifth Third Bancorp by 5.4% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 298 shares in the last quarter. Sun Life Financial INC increased its stake in Fifth Third Bancorp by 55,050.0% in the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 5,505 shares in the last quarter. Sterling Investment Advisors Ltd. increased its stake in Fifth Third Bancorp by 20.8% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $167,000. 79.60% of the stock is owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.33 on Thursday. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97. The stock has a 50 day moving average price of $26.44 and a 200-day moving average price of $25.63. The firm has a market capitalization of $19.40 billion, a price-to-earnings ratio of 13.35 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the business posted $0.40 EPS. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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