Fifth Third Bancorp (NASDAQ:FITB) Reaches New 12-Month High at $37.77

Shares of Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high on Friday . The stock traded as high as $37.77 and last traded at $37.40, with a volume of 784082 shares traded. The stock had previously closed at $36.89.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.50 to $39.50 in a research note on Wednesday. Robert W. Baird reaffirmed a “neutral” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 1st. Evercore ISI upped their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $36.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Finally, Royal Bank of Canada increased their price objective on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.50.

Fifth Third Bancorp Stock Performance

The company has a market capitalization of $25.58 billion, a PE ratio of 11.92, a P/E/G ratio of 1.40 and a beta of 1.24. The stock’s 50-day simple moving average is $35.79 and its 200 day simple moving average is $32.56. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the prior year, the business posted $0.78 EPS. As a group, research analysts expect that Fifth Third Bancorp will post 3.2 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a yield of 3.73%. Fifth Third Bancorp’s dividend payout ratio is presently 44.44%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the transaction, the executive vice president now owns 136,922 shares in the company, valued at approximately $5,134,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the transaction, the executive vice president now directly owns 136,922 shares in the company, valued at $5,134,575. The disclosure for this sale can be found here. Insiders have sold 48,857 shares of company stock worth $1,787,638 in the last quarter. 0.50% of the stock is owned by insiders.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in shares of Fifth Third Bancorp by 3.7% during the 3rd quarter. SG Americas Securities LLC now owns 40,267 shares of the financial services provider’s stock worth $1,020,000 after buying an additional 1,442 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Fifth Third Bancorp by 2.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 195,754 shares of the financial services provider’s stock worth $4,958,000 after buying an additional 5,372 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Fifth Third Bancorp by 7.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 130,560 shares of the financial services provider’s stock worth $3,307,000 after buying an additional 9,257 shares during the last quarter. Xponance Inc. raised its stake in Fifth Third Bancorp by 2.9% in the 3rd quarter. Xponance Inc. now owns 95,033 shares of the financial services provider’s stock valued at $2,407,000 after purchasing an additional 2,687 shares during the last quarter. Finally, Tectonic Advisors LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter valued at about $258,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.