Fifth Third Bancorp (NASDAQ:FITB) Trading 0.6% Higher

Fifth Third Bancorp (NASDAQ:FITB) shares shot up 0.6% on Monday . The stock traded as high as $37.99 and last traded at $37.79. 524,785 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 5,265,754 shares. The stock had previously closed at $37.56.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FITB shares. Morgan Stanley reiterated an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and raised their target price for the company from $37.50 to $39.50 in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price objective (up previously from $39.00) on shares of Fifth Third Bancorp in a report on Monday, April 22nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $36.50.

Fifth Third Bancorp Stock Performance

The firm’s 50 day moving average is $36.05 and its 200-day moving average is $32.95. The stock has a market capitalization of $26.21 billion, a price-to-earnings ratio of 12.22, a PEG 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 data on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Analysts forecast that Fifth Third Bancorp will post 3.22 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.64%. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Buying and Selling

In related news, COO James C. Leonard sold 26,500 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the transaction, the chief operating officer now directly owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the transaction, the executive vice president now directly owns 46,646 shares in the company, valued at $1,696,981.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following 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. Over the last three months, insiders sold 48,857 shares of company stock worth $1,787,638. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. raised its stake in Fifth Third Bancorp by 3.6% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock valued at $294,000 after buying an additional 300 shares in the last quarter. Lcnb Corp raised its stake in Fifth Third Bancorp by 1.7% in the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after buying an additional 319 shares in the last quarter. MCF Advisors LLC raised its stake in Fifth Third Bancorp by 0.8% in the first quarter. MCF Advisors LLC now owns 41,594 shares of the financial services provider’s stock valued at $1,558,000 after buying an additional 328 shares in the last quarter. Independence Bank of Kentucky raised its stake in Fifth Third Bancorp by 21.1% in the fourth quarter. Independence Bank of Kentucky now owns 2,038 shares of the financial services provider’s stock valued at $70,000 after buying an additional 355 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Fifth Third Bancorp by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 73,905 shares of the financial services provider’s stock worth $2,750,000 after purchasing an additional 365 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other 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.