Fifth Third Bancorp (NASDAQ:FITB) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Fifth Third Bancorp (NASDAQ:FITB)’s share price crossed 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.

Analysts Set New Price Targets

A number of analysts have recently commented on FITB shares. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Bank of America increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Royal Bank Of Canada lowered their price objective on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 20th. Citigroup raised their target price on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Finally, UBS Group cut their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.77.

Fifth Third Bancorp Stock Performance

The business has a fifty day simple moving average of $52.77 and a two-hundred day simple moving average of $51.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $48.55 billion, a P/E ratio of 17.97, a P/E/G ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 42.4% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change 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 3.1%. Fifth Third Bancorp’s payout ratio is 57.53%.

Insider Activity

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FITB. International Assets Investment Management LLC raised its holdings in Fifth Third Bancorp by 379.7% in the 3rd quarter. International Assets Investment Management LLC now owns 40,931 shares of the financial services provider’s stock worth $2,070,000 after purchasing an additional 32,399 shares during the period. Cranbrook Wealth Management LLC lifted its position in Fifth Third Bancorp by 1,659.7% during the third quarter. Cranbrook Wealth Management LLC now owns 38,872 shares of the financial services provider’s stock valued at $1,966,000 after purchasing an additional 36,663 shares in the last quarter. Childress Capital Advisors LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $230,000. Shakespeare Wealth Management LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $1,127,000. Finally, Essential Investment Partners LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $25,000. 83.79% of the stock is currently owned by 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.