Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the sale, the executive vice president owned 121,460 shares of the company's stock, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Fifth Third Bancorp Trading Down 0.1%
NASDAQ:FITB opened at $53.54 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $48.55 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The firm's 50 day moving average is $52.77 and its 200 day moving average is $51.97. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50.
Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. Fifth Third Bancorp's revenue for the quarter was up 42.4% on a year-over-year basis. Sell-side analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current year.
Fifth Third Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. Fifth Third Bancorp's dividend payout ratio is presently 57.53%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on FITB shares. Bank of America upped their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Truist Financial decreased their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Stephens lowered their price objective on Fifth Third Bancorp from $61.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 21st. JPMorgan Chase & Co. dropped their price objective on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an "overweight" rating on the stock in a report on Friday, October 2nd. Finally, Evercore upgraded shares of Fifth Third Bancorp from an "in-line" rating to an "outperform" rating and set a $60.00 target price for the company in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $60.77.
Check Out Our Latest Analysis on FITB
Hedge Funds Weigh In On Fifth Third Bancorp
A number of large investors have recently modified their holdings of FITB. International Assets Investment Management LLC lifted its stake in Fifth Third Bancorp by 379.7% in the 3rd quarter. International Assets Investment Management LLC now owns 40,931 shares of the financial services provider's stock worth $2,070,000 after purchasing an additional 32,399 shares in the last quarter. Cranbrook Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 1,659.7% during the 3rd quarter. Cranbrook Wealth Management LLC now owns 38,872 shares of the financial services provider's stock valued at $1,966,000 after purchasing an additional 36,663 shares in the last quarter. Childress Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $230,000. Shakespeare Wealth Management LLC purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $1,127,000. Finally, Essential Investment Partners LLC bought a new position in shares of Fifth Third Bancorp in the third quarter worth $25,000. 83.79% of the stock is currently owned by institutional investors.
Fifth Third Bancorp Company Profile
(
Get Free Report)
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.
The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.
Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.
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