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

Fifth Third Bancorp (NASDAQ:FITB) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 37,880,000 shares, a growth of 41.6% from the September 30th total of 26,750,000 shares. Based on an average daily trading volume, of 5,970,000 shares, the short-interest ratio is presently 6.3 days. Approximately 5.8% of the company’s shares are short sold. Approximately 5.8% of the company’s shares are short sold. Based on an average daily trading volume, of 5,970,000 shares, the short-interest ratio is presently 6.3 days.

Insiders Place Their Bets

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the acquisition, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several large investors have recently made changes to their positions in FITB. Evolution Wealth Management Inc. bought a new stake in shares of Fifth Third Bancorp during the second quarter worth $26,000. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp during the first quarter worth $27,000. Activest Wealth Management increased its position in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares in the last quarter. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 357 shares in the last quarter. Finally, United Community Bank grew its position in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FITB shares. Argus increased their price objective on shares of Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. Stephens set a $52.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Finally, Piper Sandler cut their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.35.

Fifth Third Bancorp Trading Up 1.5%

FITB traded up $0.62 during mid-day trading on Tuesday, hitting $42.15. The stock had a trading volume of 12,944,175 shares, compared to its average volume of 5,434,514. The stock’s fifty day simple moving average is $44.07 and its 200-day simple moving average is $41.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $27.90 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 1.14 and a beta of 0.95. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is currently 47.76%.

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.