In yesterday’s Wall Street session, Fifth Third Bancorp (NASDAQ:FITB) shares traded at $22.98, down -0.17% from the previous session.
As of this writing, 26 analysts cover Fifth Third Bancorp (NASDAQ:FITB). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $34.00 and a low of $26.50, we find $31.00. Given the previous closing price of $23.02, this indicates a potential upside of 34.67 percent. FITB stock price is now -10.28% away from the 50-day moving average and -18.63% away from the 200-day moving average. The market capitalization of the company currently stands at $15.65B.
There are 8 analysts who have given it a hold rating, whereas 14 have given it a buy rating. Brokers who have rated the stock have averaged $30.88 as their price target over the next twelve months.
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 $1.69 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 $2.92 million. Insiders disposed of 244,708 shares of company stock worth roughly $5.62 million over the past 1 year. A total of 0.55% 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 NATIONAL PENSION SERVICE during the first quarter worth $24,715,000. WALLEYE CAPITAL LLC invested $18,838,000 in shares of FITB during the first quarter. In the first quarter, VOLORIDGE INVESTMENT MANAGEMENT, LLC acquired a new stake in Fifth Third Bancorp valued at approximately $13,276,000. INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC acquired a new stake in FITB for approximately $5,448,000. M&G INVESTMENT MANAGEMENT LTD purchased a new stake in FITB valued at around $5,325,000 in the second quarter. In total, there are 1,124 active investors with 79.54% ownership of the company’s stock.
Tuesday morning saw Fifth Third Bancorp (NASDAQ: FITB) opened at $23.18. During the past 12 months, Fifth Third Bancorp has had a low of $22.11 and a high of $38.06. The fifty day moving average price for FITB is $25.54 and a two-hundred day moving average price translates $28.18 for the stock.
The latest earnings results from Fifth Third Bancorp (NASDAQ: FITB) was released for Sep, 2023. According to the Banks – Regional Company, earnings per share came in at $0.91, beating analysts’ expectations of $0.82 by 0.09. This compares to $0.76 EPS in the same period last year. The net profit margin was 20.16% and return on equity was 15.35% for FITB. The company reported revenue of $2.37 billion for the quarter, compared to $1.46 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 61.89 percent. For the current quarter, analysts expect FITB to generate $2.16B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/16/2023. Investors who held shares on 09/30/2023 were paid a $0.35 dividend. On an annualized basis, this represents a $1.36 dividend and a 5.91% percent yield. There was an ex-dividend date of 09/28/2023 for this dividend. In terms of dividend payout ratio, FITB is presently at 37.61%.
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.
