Fifth Third Bancorp (NASDAQ:FITB) Stock Price Breaks Above Fifty Day Moving Average – Here’s Why

Fifth Third Bancorp (NASDAQ:FITB)’s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $53.02 and traded as high as $53.79. Fifth Third Bancorp shares last traded at $53.0680, with a volume of 5,617,904 shares changing hands.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of analyst reports. UBS Group decreased their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 21st. Truist Financial reduced their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Finally, TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, October 8th. They issued a “buy” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $60.77.

Fifth Third Bancorp Price Performance

The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business has a 50-day simple moving average of $53.02 and a 200 day simple moving average of $51.92. The firm has a market cap of $48.13 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same period last year, the company earned $0.91 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 57.53%.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of FITB. Security National Bank of SO Dak purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at about $29,000. Center for Financial Planning Inc. purchased a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $25,000. SouthState Bank Corp boosted its stake in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Finally, Avalon Trust Co bought a new stake in Fifth Third Bancorp in the 2nd quarter worth about $40,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.