Fifth Third Bancorp (NASDAQ:FITB) Trading 2.4% Higher on Strong Earnings

Fifth Third Bancorp (NASDAQ:FITB – Get Rating)’s share price traded up 2.4% on Thursday following a better than expected earnings announcement. The stock traded as high as $33.59 and last traded at $33.52. 61,222 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 5,191,846 shares. The stock had previously closed at $32.72.

The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.01. Fifth Third Bancorp had a return on equity of 13.98% and a net margin of 27.47%. During the same quarter in the prior year, the business posted $0.90 earnings per share.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s payout ratio is 40.62%.

Analyst Ratings Changes

Several brokerages recently weighed in on FITB. Deutsche Bank Aktiengesellschaft dropped their price objective on Fifth Third Bancorp from $44.00 to $37.00 in a research report on Friday, January 6th. Barclays dropped their price objective on Fifth Third Bancorp from $48.00 to $47.00 and set an “overweight” rating for the company in a research report on Tuesday, January 3rd. Morgan Stanley restated an “equal weight” rating and set a $37.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, December 5th. Royal Bank of Canada dropped their price objective on Fifth Third Bancorp from $50.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, October 21st. Finally, Wedbush restated an “outperform” rating and set a $39.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, September 28th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.57.

Insiders Place Their Bets

In other news, EVP Robert P. Shaffer sold 10,209 shares of the stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $35.76, for a total value of $365,073.84. Following the completion of the sale, the executive vice president now owns 69,534 shares of the company’s stock, valued at $2,486,535.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in FITB. Neuberger Berman Group LLC increased its stake in shares of Fifth Third Bancorp by 127.4% in the third quarter. Neuberger Berman Group LLC now owns 4,469,859 shares of the financial services provider’s stock valued at $142,864,000 after buying an additional 2,504,590 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Fifth Third Bancorp by 5.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 30,415,133 shares of the financial services provider’s stock worth $972,070,000 after purchasing an additional 1,507,964 shares during the period. JPMorgan Chase & Co. grew its stake in Fifth Third Bancorp by 9.5% during the second quarter. JPMorgan Chase & Co. now owns 16,066,759 shares of the financial services provider’s stock worth $539,843,000 after purchasing an additional 1,390,960 shares during the period. BNP Paribas Arbitrage SA grew its stake in Fifth Third Bancorp by 175.4% during the second quarter. BNP Paribas Arbitrage SA now owns 1,267,823 shares of the financial services provider’s stock worth $42,599,000 after purchasing an additional 807,443 shares during the period. Finally, Vanguard Group Inc. grew its stake in Fifth Third Bancorp by 0.9% during the third quarter. Vanguard Group Inc. now owns 85,547,660 shares of the financial services provider’s stock worth $2,734,103,000 after purchasing an additional 792,580 shares during the period. Institutional investors and hedge funds own 80.17% of the company’s stock.

Fifth Third Bancorp Stock Up 2.9 %

The firm has a 50 day moving average of $33.95 and a 200 day moving average of $34.26. The firm has a market cap of $23.76 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.10 and a beta of 1.20. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.80.

Fifth Third Bancorp Company Profile

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Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact.