Fifth Third Bancorp (NASDAQ:FITB) Short Interest Update


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Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 7,000,000 shares, a decrease of 24.6% from the March 31st total of 9,280,000 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 6,270,000 shares, the days-to-cover ratio is currently 1.1 days.

FITB has been the subject of several research analyst reports. Wolfe Research boosted their price objective on Fifth Third Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, March 25th. Barclays upped their price target on Fifth Third Bancorp from $37.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 7th. Argus upped their price target on Fifth Third Bancorp from $27.00 to $35.00 in a report on Wednesday, January 27th. Bank of America upped their price target on Fifth Third Bancorp from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, January 22nd. Finally, Royal Bank of Canada upped their price target on Fifth Third Bancorp from $38.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, April 21st. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Fifth Third Bancorp currently has a consensus rating of “Buy” and a consensus target price of $36.14.

NASDAQ:FITB traded up $0.85 during trading hours on Tuesday, reaching $41.32. The company had a trading volume of 6,020,051 shares, compared to its average volume of 6,075,607. The stock has a 50-day moving average of $38.34 and a two-hundred day moving average of $31.45. Fifth Third Bancorp has a one year low of $14.89 and a one year high of $41.32. The firm has a market capitalization of $29.38 billion, a PE ratio of 20.56, a PEG ratio of 1.54 and a beta of 1.63. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.73.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Monday, April 19th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.24. Fifth Third Bancorp had a return on equity of 7.52% and a net margin of 17.50%. During the same period in the previous year, the business earned $0.04 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 1.91 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Tuesday, March 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 38.99%.

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 3,700 shares of the stock in a transaction on Monday, April 26th. The shares were sold at an average price of $39.10, for a total transaction of $144,670.00. Following the transaction, the executive vice president now directly owns 53,403 shares of the company’s stock, valued at $2,088,057.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas H. Harvey sold 40,500 shares of the stock in a transaction on Thursday, April 22nd. The stock was sold at an average price of $37.11, for a total transaction of $1,502,955.00. The disclosure for this sale can be found here. Insiders have sold 136,236 shares of company stock worth $5,169,233 over the last three months. Company insiders own 0.52% of the company’s stock.

Large investors have recently made changes to their positions in the business. Clearview Wealth Advisors LLC bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $25,000. Chiron Capital Management LLC bought a new position in Fifth Third Bancorp in the third quarter valued at about $26,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in Fifth Third Bancorp by 223.0% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 956 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 660 shares during the last quarter. Vantage Consulting Group Inc bought a new position in Fifth Third Bancorp in the fourth quarter valued at about $27,000. Finally, West Oak Capital LLC bought a new position in Fifth Third Bancorp in the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 79.19% of the company’s stock.

About Fifth Third Bancorp

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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