Fifth Third Bancorp (NASDAQ:FITB) Reaches New 1-Year High – Still a Buy?

Fifth Third Bancorp (NASDAQ:FITB) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $54.45 and last traded at $54.62, with a volume of 715640 shares changing hands. The stock had previously closed at $52.75.

Wall Street Analyst Weigh In

Several brokerages have commented on FITB. Keefe, Bruyette & Woods boosted their price target on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Piper Sandler increased their price target on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Citigroup lifted their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Janney Montgomery Scott upped their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Finally, Barclays raised their target price on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus target price of $56.21.

Fifth Third Bancorp Stock Up 3.5%

The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $36.09 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 1.05 and a beta of 0.99. The company has a fifty day moving average of $48.08 and a two-hundred day moving average of $44.99.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The firm had revenue of $3.82 billion during the quarter. As a group, analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd lifted its holdings in Fifth Third Bancorp by 20.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 99,234 shares of the financial services provider’s stock valued at $4,645,000 after buying an additional 17,024 shares in the last quarter. Family Legacy Inc. increased its position in shares of Fifth Third Bancorp by 1.3% during the fourth quarter. Family Legacy Inc. now owns 19,592 shares of the financial services provider’s stock worth $917,000 after acquiring an additional 251 shares during the period. Midwest Trust Co raised its stake in shares of Fifth Third Bancorp by 0.9% during the fourth quarter. Midwest Trust Co now owns 288,648 shares of the financial services provider’s stock valued at $13,512,000 after acquiring an additional 2,598 shares in the last quarter. NewEdge Wealth LLC raised its stake in shares of Fifth Third Bancorp by 29.3% during the fourth quarter. NewEdge Wealth LLC now owns 24,715 shares of the financial services provider’s stock valued at $1,157,000 after acquiring an additional 5,606 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID lifted its holdings in shares of Fifth Third Bancorp by 44.3% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 1,107 shares of the financial services provider’s stock worth $52,000 after buying an additional 340 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.