Fifth Third Bancorp (FITB) Short Interest Down 14.5% in February
Fifth Third Bancorp (NASDAQ:FITB) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 22,213,187 shares, a decline of 14.5% from the February 15th total of 25,965,913 shares. Currently, 2.8% of the company’s stock are sold short. Based on an average daily trading volume, of 5,187,521 shares, the short-interest ratio is currently 4.3 days.
In related news, EVP Frank R. Forrest sold 4,836 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $154,268.40. Following the transaction, the executive vice president now owns 112,474 shares of the company’s stock, valued at $3,587,920.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Emerson L. Brumback sold 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $33.44, for a total value of $100,320.00. Following the transaction, the director now directly owns 53,143 shares in the company, valued at approximately $1,777,101.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 179,410 shares of company stock worth $5,879,506. 0.40% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Icon Wealth Partners LLC bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $101,000. Delpha Capital Management LLC bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $107,000. Horan Capital Advisors LLC. bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at $102,000. Valeo Financial Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at $119,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $148,000. Hedge funds and other institutional investors own 83.82% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.05. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. equities analysts expect that Fifth Third Bancorp will post 2.3 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a $0.16 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.88%. Fifth Third Bancorp’s payout ratio is presently 22.46%.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 27th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
FITB has been the topic of several analyst reports. Macquarie cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and cut their target price for the company from $28.47 to $26.00 in a research report on Friday, November 17th. Oppenheimer reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research report on Sunday, December 10th. BMO Capital Markets reaffirmed a “hold” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a research report on Friday, December 8th. Finally, Morgan Stanley lifted their target price on Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $30.70.
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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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