Fifth Third Bancorp (NASDAQ:FITB) Reaches New 1-Year High at $38.65

Shares of Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high on Thursday . The stock traded as high as $38.65 and last traded at $38.59, with a volume of 394368 shares changing hands. The stock had previously closed at $38.48.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FITB shares. JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $37.50 to $39.50 in a report on Wednesday, May 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. DA Davidson increased their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. UBS Group reiterated a “neutral” rating and set a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Finally, Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $36.50.

Fifth Third Bancorp Price Performance

The company has a 50-day moving average price of $36.05 and a 200-day moving average price of $32.95. The company has a market capitalization of $26.35 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. During the same quarter last year, the company posted $0.78 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 3.22 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio is presently 44.44%.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the transaction, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares in the company, valued at approximately $5,072,172.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,857 shares of company stock valued at $1,787,638. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC increased its holdings in Fifth Third Bancorp by 2.8% during the third quarter. Commonwealth Equity Services LLC now owns 195,754 shares of the financial services provider’s stock valued at $4,958,000 after buying an additional 5,372 shares during the period. Raymond James & Associates grew its stake in Fifth Third Bancorp by 17.0% in the 3rd quarter. Raymond James & Associates now owns 591,942 shares of the financial services provider’s stock valued at $14,994,000 after acquiring an additional 85,981 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Fifth Third Bancorp by 4.2% during the 3rd quarter. Brown Advisory Inc. now owns 24,241 shares of the financial services provider’s stock valued at $614,000 after acquiring an additional 988 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Fifth Third Bancorp by 49.6% during the third quarter. Lindbrook Capital LLC now owns 2,126 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 705 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in Fifth Third Bancorp by 3.5% in the 3rd quarter. IFM Investors Pty Ltd now owns 152,736 shares of the financial services provider’s stock valued at $3,869,000 after purchasing an additional 5,117 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

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.