Fifth Third Bancorp (NASDAQ:FITB) Sees Large Drop in Short Interest

Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 20,000,000 shares, a drop of 8.9% from the November 15th total of 21,960,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 4,160,000 shares, the days-to-cover ratio is currently 4.8 days.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 316 shares during the period. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Legacy Investment Solutions LLC bought a new position in Fifth Third Bancorp during the third quarter worth $36,000. Hexagon Capital Partners LLC lifted its stake in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after buying an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth about $39,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded down $0.56 on Tuesday, reaching $45.05. The stock had a trading volume of 5,263,932 shares, compared to its average volume of 4,544,114. The company has a market capitalization of $30.21 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The stock has a fifty day moving average price of $45.61 and a 200-day moving average price of $41.77.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.29%. Fifth Third Bancorp’s payout ratio is 49.17%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Piper Sandler raised their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays increased their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.81.

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.