Fifth Third Bancorp (NASDAQ:FITB) Shares Gap Down - Here's What Happened

Shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $34.40, but opened at $33.33. Fifth Third Bancorp shares last traded at $34.05, with a volume of 1,609,362 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FITB shares. Morgan Stanley dropped their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. DA Davidson reduced their target price on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Monday. Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a report on Monday, April 7th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.24.

Fifth Third Bancorp Stock Performance

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $23.15 billion, a PE ratio of 11.04, a PEG ratio of 1.42 and a beta of 0.99. The company has a 50-day moving average of $38.95 and a 200-day moving average of $42.60.

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, beating analysts' consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period last year, the business posted $0.70 earnings per share. As a group, analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's payout ratio is 46.98%.

Insider Activity

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction dated 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 $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company's stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of FITB. World Investment Advisors LLC purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $263,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $191,000. Tidal Investments LLC grew its holdings in shares of Fifth Third Bancorp by 10.0% during 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 in the last quarter. Franklin Resources Inc. increased its position in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock worth $242,713,000 after purchasing an additional 409,292 shares during the last quarter. Finally, 1ST Source Bank purchased a new stake in Fifth Third Bancorp in the third quarter valued at approximately $211,000. 83.79% of the stock is currently owned by institutional investors.

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.