Fifth Third Bancorp (NASDAQ:FITB) Reaches New 1-Year High – Time to Buy?

Fifth Third Bancorp (NASDAQ:FITB)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $45.57 and last traded at $45.44, with a volume of 3395103 shares changing hands. The stock had previously closed at $44.98.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Bank of America lifted their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Morgan Stanley lifted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada lifted their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Evercore ISI lifted their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Finally, Argus boosted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.78.

Fifth Third Bancorp Stock Up 0.9 %

The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $31.04 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The business has a fifty day moving average of $41.93 and a 200-day moving average of $38.98.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period last year, the firm earned $0.87 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.26%. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at $5,224,883.99. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares in the company, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,000 shares of company stock valued at $2,169,920. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds have recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. purchased a new stake in Fifth Third Bancorp in the first quarter valued at $29,000. Hexagon Capital Partners LLC boosted its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the last quarter. American Capital Advisory LLC purchased a new stake in Fifth Third Bancorp in the second quarter valued at $34,000. Centerpoint Advisors LLC boosted its holdings in Fifth Third Bancorp by 125.0% in the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 750 shares during the last quarter. Finally, Family Firm Inc. purchased a new stake in Fifth Third Bancorp in the second quarter valued at $52,000. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.