Fifth Third Bancorp (NASDAQ:FITB) saw a large growth in short interest in July. As of July 31st, there was short interest totalling 12,277,259 shares, a growth of 12.5% from the July 14th total of 10,916,807 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average trading volume of 6,687,501 shares, the days-to-cover ratio is presently 1.8 days.
Several hedge funds have recently modified their holdings of the company. Assetmark Inc. boosted its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after buying an additional 32 shares during the last quarter. Quadrant Capital Group LLC raised its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the period. YorkBridge Wealth Partners LLC raised its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the period. Sterling Investment Advisors Ltd. raised its position in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the period. Finally, Ullmann Financial Group Inc. bought a new position in Fifth Third Bancorp during the first quarter worth $167,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.38 on Friday. The company has a market capitalization of $19.49 billion, a P/E ratio of 13.37 and a beta of 1.37. The company has a 50-day moving average price of $26.23 and a 200-day moving average price of $25.74. Fifth Third Bancorp has a 12 month low of $18.94 and a 12 month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is 28.43%.
FITB has been the subject of several analyst reports. Instinet increased their target price on shares of Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, June 30th. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.50 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have assigned a buy rating to the stock. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $26.54.
TRADEMARK VIOLATION WARNING: This piece was published by Ticker Report and is the sole property of of Ticker Report. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of US & international copyright and trademark legislation. The correct version of this piece can be read at https://www.tickerreport.com/banking-finance/2801025/fifth-third-bancorp-nasdaqfitb-short-interest-up-12-5-in-july.html.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.