Fifth Third Bancorp (NASDAQ:FITB) Shares Up 4.2%

Fifth Third Bancorp (NASDAQ:FITBGet Rating)’s share price shot up 4.2% during trading on Tuesday . The company traded as high as $40.83 and last traded at $40.70. 70,950 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 6,467,530 shares. The stock had previously closed at $39.07.

A number of brokerages have commented on FITB. Citigroup reaffirmed a “neutral” rating on shares of Fifth Third Bancorp in a research note on Thursday, March 24th. Robert W. Baird cut Fifth Third Bancorp from an “outperform” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research note on Friday, January 7th. Morgan Stanley cut Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a research note on Monday, March 28th. Wolfe Research cut Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $59.00 to $47.00 in a research note on Thursday, April 7th. Finally, JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $48.00 to $48.50 in a research note on Thursday, February 3rd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and an average target price of $48.96.

The company has a 50 day moving average of $44.97 and a two-hundred day moving average of $44.83. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.88 and a quick ratio of 0.86. The company has a market capitalization of $27.90 billion, a PE ratio of 10.45, a PEG ratio of 1.34 and a beta of 1.29.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last announced its earnings results on Tuesday, April 19th. The financial services provider reported $0.68 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.01). Fifth Third Bancorp had a net margin of 33.25% and a return on equity of 13.55%. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 3.53 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 18th. Shareholders of record on Thursday, March 31st were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Wednesday, March 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 32.09%.

In other news, EVP Howard Hammond sold 2,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $47.63, for a total value of $119,075.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Greg D. Carmichael sold 67,687 shares of the company’s stock in a transaction dated Wednesday, February 9th. The stock was sold at an average price of $49.21, for a total transaction of $3,330,877.27. The disclosure for this sale can be found here. Insiders have sold 74,745 shares of company stock valued at $3,669,055 in the last ninety days. Insiders own 0.67% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in FITB. D Orazio & Associates Inc. bought a new position in Fifth Third Bancorp in the 3rd quarter valued at approximately $25,000. KB Financial Partners LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $27,000. Consolidated Planning Corp bought a new position in shares of Fifth Third Bancorp during the third quarter valued at $28,000. Johnson Financial Group Inc. purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at $31,000. Finally, Wagner Wealth Management LLC increased its holdings in Fifth Third Bancorp by 82.5% in the 4th quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider’s stock worth $35,000 after buying an additional 359 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

About Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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