Fifth Third Bancorp (NASDAQ:FITB) Hits New 52-Week Low - Should You Sell?

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $35.18 and last traded at $35.94, with a volume of 3668490 shares traded. The stock had previously closed at $36.16.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Citigroup cut their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Truist Financial reduced their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Keefe, Bruyette & Woods dropped their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Finally, Stephens reiterated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $46.24.

Fifth Third Bancorp Stock Up 2.8 %

The firm has a fifty day simple moving average of $37.53 and a 200 day simple moving average of $42.13. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $24.79 billion, a PE ratio of 11.82, a PEG ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the prior year, the business posted $0.70 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.99%. Fifth Third Bancorp's payout ratio is 46.98%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. World Investment Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the third quarter worth approximately $263,000. Wilmington Savings Fund Society FSB bought a new position in Fifth Third Bancorp during the third quarter worth $191,000. Tidal Investments LLC boosted its holdings in Fifth Third Bancorp by 10.0% in the third quarter. Tidal Investments LLC now owns 24,952 shares of the financial services provider's stock worth $1,069,000 after purchasing an additional 2,265 shares during the period. Franklin Resources Inc. increased its stake in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock valued at $242,713,000 after purchasing an additional 409,292 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Fifth Third Bancorp by 1.8% during the third quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider's stock worth $35,194,000 after purchasing an additional 14,137 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

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.