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

Shares of Fifth Third Bancorp (NASDAQ:FITB) reached a new 52-week high on Wednesday . The company traded as high as $46.19 and last traded at $46.03, with a volume of 122723 shares traded. The stock had previously closed at $43.16.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Argus lifted their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Bank of America raised their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $42.28.

Fifth Third Bancorp Stock Up 6.0 %

The company has a market cap of $30.95 billion, a P/E ratio of 14.34, a P/E/G ratio of 2.07 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $42.85 and its 200 day moving average is $39.84.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.92 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.33 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.24%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently added to or reduced their stakes in FITB. Norden Group LLC purchased a new stake in Fifth Third Bancorp in the first quarter valued at approximately $622,000. Fidelis Capital Partners LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $84,000. Daiwa Securities Group Inc. boosted its position in Fifth Third Bancorp by 10.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 67,736 shares of the financial services provider’s stock valued at $2,520,000 after purchasing an additional 6,568 shares during the period. Central Pacific Bank Trust Division acquired a new position in Fifth Third Bancorp during the 1st quarter valued at approximately $88,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Fifth Third Bancorp by 424.3% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,353 shares of the financial services provider’s stock valued at $720,000 after purchasing an additional 15,662 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.