Fifth Third Bancorp (NASDAQ:FITB) Reaches New 52-Week High – Here’s Why

Fifth Third Bancorp (NASDAQ:FITB)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $54.45 and last traded at $54.62, with a volume of 715640 shares changing hands. The stock had previously closed at $52.75.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, January 21st. Jefferies Financial Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Piper Sandler upped their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. UBS Group reiterated a “buy” rating on shares of Fifth Third Bancorp in a report on Wednesday. Finally, Stephens boosted their target price on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.21.

Fifth Third Bancorp Trading Up 3.5%

The company has a market cap of $36.09 billion, a P/E ratio of 15.39, a PEG ratio of 1.05 and a beta of 0.99. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $48.08 and its 200-day moving average is $44.99.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The firm had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. Research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Insider Activity

In related news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FITB. AE Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 4.7% in the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after buying an additional 15,627 shares during the period. Generali Asset Management SPA SGR bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $1,314,000. Allspring Global Investments Holdings LLC grew its position in shares of Fifth Third Bancorp by 8.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares in the last quarter. Huntington National Bank grew its position in shares of Fifth Third Bancorp by 10.9% during the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after purchasing an additional 11,935 shares in the last quarter. Finally, Intact Investment Management Inc. raised its stake in Fifth Third Bancorp by 24.5% during the 3rd quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after purchasing an additional 23,500 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 is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.