Fifth Third Bancorp (NASDAQ:FITB) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 9,280,000 shares, a drop of 27.0% from the March 15th total of 12,710,000 shares. Based on an average daily volume of 6,210,000 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.3% of the company's stock are short sold.
In related news, EVP Robert P. Shaffer sold 8,900 shares of the firm's stock in a transaction that occurred on Friday, January 29th. The shares were sold at an average price of $28.96, for a total transaction of $257,744.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jewell D. Hoover sold 12,118 shares of the firm's stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $37.35, for a total transaction of $452,607.30. Over the last 90 days, insiders have sold 100,936 shares of company stock valued at $3,779,352. 0.52% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC raised its stake in Fifth Third Bancorp by 26.6% in the 4th quarter. Penserra Capital Management LLC now owns 1,506 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 316 shares during the period. Hengehold Capital Management LLC grew its holdings in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Hengehold Capital Management LLC now owns 15,544 shares of the financial services provider's stock worth $429,000 after purchasing an additional 348 shares in the last quarter. Voya Financial Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 2.4% during the 4th quarter. Voya Financial Advisors Inc. now owns 14,640 shares of the financial services provider's stock worth $399,000 after purchasing an additional 349 shares in the last quarter. LexAurum Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 1.4% during the 4th quarter. LexAurum Advisors LLC now owns 28,532 shares of the financial services provider's stock worth $787,000 after purchasing an additional 389 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 86,761 shares of the financial services provider's stock worth $2,392,000 after purchasing an additional 413 shares in the last quarter. Institutional investors and hedge funds own 79.19% of the company's stock.
Shares of FITB stock traded up $0.17 on Friday, reaching $38.20. The company had a trading volume of 5,355,483 shares, compared to its average volume of 6,166,016. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average of $37.59 and a 200-day moving average of $29.98. Fifth Third Bancorp has a 12 month low of $14.47 and a 12 month high of $40.46. The stock has a market cap of $27.16 billion, a PE ratio of 19.01, a PEG ratio of 1.54 and a beta of 1.63.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Wednesday, January 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.14. Fifth Third Bancorp had a return on equity of 7.52% and a net margin of 17.50%. The firm had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the prior year, the firm posted $0.68 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 1.91 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Investors of record on Wednesday, March 31st were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, March 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 38.99%.
A number of equities analysts have recently commented on the stock. Barclays lifted their price target on shares of Fifth Third Bancorp from $37.00 to $43.00 and gave the company an "overweight" rating in a research report on Wednesday, April 7th. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company an "overweight" rating in a research report on Wednesday, March 24th. Wolfe Research raised their price objective on shares of Fifth Third Bancorp from $40.00 to $45.00 and gave the stock an "outperform" rating in a research note on Thursday, March 25th. TheStreet upgraded shares of Fifth Third Bancorp from a "c+" rating to a "b-" rating in a research note on Tuesday, March 9th. Finally, The Goldman Sachs Group upgraded shares of Fifth Third Bancorp from a "buy" rating to a "conviction-buy" rating in a research note on Friday, March 5th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of "Buy" and a consensus price target of $34.19.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. 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.
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