A secret that hides Fifth Third Bancorp’s strength (NASDAQ:FITB)

Stocks of Fifth Third Bancorp (NASDAQ:FITB) traded higher last session on Wall Street, down -1.82% to $23.78.

According to the data, Fifth Third Bancorp (NASDAQ:FITB) has 25 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. FITB stock price is now -10.61% away from the 50-day moving average and -27.36% away from the 200-day moving average. The market capitalization of the company currently stands at $16.21B.

A total of 7 analysts have issued a hold rating and 14 have given it a buy rating.

With the price target reduced from $38 to $34, Keefe Bruyette Upgraded its rating from Mkt Perform to Outperform for Fifth Third Bancorp (NASDAQ: FITB). On December 21, 2022, DA Davidson recently initiated its ‘Neutral’ rating on the stock quoting a target price of $36, while ‘Morgan Stanley’ rates the stock as ‘Equal-Weight’.

In other news, Bayh Evan, Director bought 5,000 shares of the company’s stock on May 03. The stock was bought for $124,100 at an average price of $24.82. Upon completion of the transaction, the Director now directly owns 73,700 shares in the company, valued at $1.75 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 13, Director Heminger Gary R. bought 33,000 shares of the business’s stock. A total of $885,159 was incurred on buying the stock at an average price of $26.82. This leaves the insider owning 127,043 shares of the company worth $3.02 million. Insiders disposed of 258,164 shares of company stock worth roughly $6.14 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.

There have been several recent changes in the stakes of large investors in FITB stock. A new stake in Fifth Third Bancorp shares was purchased by BALYASNY ASSET MANAGEMENT L.P. during the first quarter worth $65,236,000. ARTISAN PARTNERS LIMITED PARTNERSHIP invested $43,634,000 in shares of FITB during the first quarter. In the first quarter, RHINO INVESTMENT PARTNERS, INC acquired a new stake in Fifth Third Bancorp valued at approximately $14,411,000. NORTH REEF CAPITAL MANAGEMENT LP acquired a new stake in FITB for approximately $12,346,000. TWO SIGMA ADVISERS, LP purchased a new stake in FITB valued at around $11,632,000 in the second quarter. In total, there are 1,166 active investors with 83.00% ownership of the company’s stock.

Tuesday’s opening bell rang with an opening price of $24.21 for Fifth Third Bancorp (NASDAQ: FITB). During the past 12 months, Fifth Third Bancorp has had a low of $22.11 and a high of $40.07. The fifty day moving average price for FITB is $26.35 and a two-hundred day moving average price translates $32.69 for the stock.

The latest earnings results from Fifth Third Bancorp (NASDAQ: FITB) was released for Mar, 2023. According to the Banks – Regional Company, earnings per share came in at $0.78, missing analysts’ expectations of $0.79 by -0.01. This compares to $0.68 EPS in the same period last year. The net profit margin was 31.80% and return on equity was 15.20% for FITB. The company reported revenue of $2.21 billion for the quarter, compared to $1.29 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 71.68 percent. For the current quarter, analysts expect FITB to generate $2.25B in revenue.

Moreover, the firm recently paid out its quarterly dividend on 04/17/2023. Investors who held shares on 03/31/2023 were paid a $0.33 dividend. On an annualized basis, this represents a $1.32 dividend and a 5.55% percent yield. There was an ex-dividend date of 03/30/2023 for this dividend. In terms of dividend payout ratio, FITB is presently at 37.10%.

Fifth Third Bancorp(FITB) Company Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company’s Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers. The company’s Consumer and Small Banking segment provides a range of deposit and loan products to individuals and small businesses; home equity loans and lines of credit; credit cards; and cash management services. This segment also engages in the residential mortgage that include origination, retention and servicing of residential mortgage loans, sales and securitizations of loans, and hedging activities; indirect lending, including extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers, and marine dealers; and home improvement and solar energy installation loans through contractors and installers. Fifth Third Bancorp’s Wealth & Asset Management segment provides various wealth management services for individuals, companies, and not-for-profit organizations. It offers retail brokerage services to individual clients; and broker dealer services to the institutional marketplace. This segment also provides wealth planning, investment management, banking, insurance, and trust and estate services; and advisory services for institutional clients comprising middle market businesses, non-profits, states, and municipalities. Fifth Third Bancorp was founded in 1858 and is headquartered in Cincinnati, Ohio.