Fifth Third Bancorp (NASDAQ:FITB) Sees Significant Decrease in Short Interest

Fifth Third Bancorp (NASDAQ:FITB) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 18,790,000 shares, a decrease of 9.5% from the September 30th total of 20,760,000 shares. Based on an average daily volume of 3,990,000 shares, the days-to-cover ratio is presently 4.7 days. Currently, 2.8% of the shares of the company are sold short.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded down $0.54 during trading hours on Friday, reaching $43.14. The stock had a trading volume of 5,665,375 shares, compared to its average volume of 4,606,948. The stock has a market cap of $29.20 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 2.11 and a beta of 1.22. The stock has a fifty day moving average of $42.78 and a 200 day moving average of $39.60. Fifth Third Bancorp has a 52-week low of $24.02 and a 52-week high of $45.71. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

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

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.37 dividend. The ex-dividend date was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.43%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada boosted their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $42.28.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Fifth Third Bancorp

Several large investors have recently bought and sold shares of FITB. Shoker Investment Counsel Inc. raised its holdings in Fifth Third Bancorp by 3.7% in the third quarter. Shoker Investment Counsel Inc. now owns 11,945 shares of the financial services provider’s stock valued at $512,000 after acquiring an additional 422 shares in the last quarter. TFB Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at $223,000. Principal Financial Group Inc. lifted its position in shares of Fifth Third Bancorp by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock worth $35,194,000 after purchasing an additional 14,137 shares during the last quarter. Jackson Square Capital LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter worth $454,000. Finally, Hanseatic Management Services Inc. raised its stake in Fifth Third Bancorp by 2.9% in the third quarter. Hanseatic Management Services Inc. now owns 13,378 shares of the financial services provider’s stock valued at $573,000 after buying an additional 374 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.