Traders Buy Shares of Fifth Third Bancorp (FITB) on Weakness
Traders purchased shares of Fifth Third Bancorp (NASDAQ:FITB) on weakness during trading hours on Monday. $56.43 million flowed into the stock on the tick-up and $11.17 million flowed out of the stock on the tick-down, for a money net flow of $45.26 million into the stock. Of all companies tracked, Fifth Third Bancorp had the 31st highest net in-flow for the day. Fifth Third Bancorp traded down ($0.01) for the day and closed at $30.70
A number of brokerages have recently commented on FITB. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Robert W. Baird reaffirmed a “sell” rating and issued a $29.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, January 3rd. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. Four analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $29.33.
The company has a market capitalization of $21,660.00, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 2.20 and a beta of 1.35. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.89 and a current ratio of 0.89.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.48. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the firm earned $0.65 earnings per share. research analysts forecast that Fifth Third Bancorp will post 1.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Thursday, December 28th. Fifth Third Bancorp’s payout ratio is currently 24.15%.
In related news, EVP Timothy Spence sold 15,000 shares of Fifth Third Bancorp stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total value of $432,900.00. Following the transaction, the executive vice president now owns 154,577 shares in the company, valued at $4,461,092.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. Atlantic Trust Group LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $1,230,000. Hellman Jordan Management Co. Inc. MA acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $614,000. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Fifth Third Bancorp by 0.9% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,370,533 shares of the financial services provider’s stock worth $206,228,000 after purchasing an additional 68,086 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Fifth Third Bancorp by 4.1% during the third quarter. Public Employees Retirement System of Ohio now owns 353,364 shares of the financial services provider’s stock worth $9,887,000 after purchasing an additional 13,855 shares in the last quarter. Finally, Truepoint Inc. acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $211,000. Institutional investors own 83.84% of the company’s stock.
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Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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