Fifth Third Bancorp (NASDAQ:FITB) Sets New 52-Week High After Better-Than-Expected Earnings

Shares of Fifth Third Bancorp (NASDAQ:FITBGet Free Report) hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $50.50 and last traded at $50.4610, with a volume of 11260928 shares traded. The stock had previously closed at $49.16.

The financial services provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.08. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.85 EPS.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

Trending Headlines about Fifth Third Bancorp

Here are the key news stories impacting Fifth Third Bancorp this week:

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. Wall Street Zen upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, TD Cowen upped their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Check Out Our Latest Report on Fifth Third Bancorp

Insider Activity

In other news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Generali Asset Management SPA SGR acquired a new stake in Fifth Third Bancorp in the 3rd quarter worth $1,314,000. Allspring Global Investments Holdings LLC raised its stake in shares of Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after buying an additional 654,746 shares in the last quarter. Huntington National Bank increased its stake in Fifth Third Bancorp by 10.9% in the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after acquiring an additional 11,935 shares during the period. Nordea Investment Management AB raised its position in Fifth Third Bancorp by 103.0% in the second quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock worth $56,095,000 after purchasing an additional 687,275 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its stake in Fifth Third Bancorp by 11.4% during the second quarter. Baird Financial Group Inc. now owns 748,735 shares of the financial services provider’s stock worth $30,795,000 after purchasing an additional 76,582 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 3.1%

The company has a market capitalization of $33.49 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 0.86 and a beta of 0.97. The business has a fifty day simple moving average of $46.16 and a two-hundred day simple moving average of $44.40. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp Company Profile

(Get Free Report)

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

Further Reading

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