Fifth Third Bancorp (NASDAQ:FITB) Hits New 52-Week High – What’s Next?

Fifth Third Bancorp (NASDAQ:FITB)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $55.44 and last traded at $54.8490, with a volume of 1010693 shares traded. The stock had previously closed at $54.50.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Piper Sandler upped their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. TD Cowen reissued a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Royal Bank Of Canada boosted their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Jefferies Financial Group increased their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $56.58.

Fifth Third Bancorp Stock Down 1.7%

The business has a 50-day moving average price of $49.51 and a 200-day moving average price of $45.51. The stock has a market cap of $34.56 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.10 and a beta of 0.99. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The business had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated 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 owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Westside Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares in the last quarter. Harbor Investment Advisory LLC increased its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $30,000. Evolution Wealth Management Inc. acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $26,000. Finally, United Community Bank raised its stake in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.