Short Interest in Fifth Third Bancorp (NASDAQ:FITB) Increases By 7.2%

Fifth Third Bancorp (NASDAQ:FITB) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 20,170,000 shares, an increase of 7.2% from the December 15th total of 18,810,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 4,380,000 shares, the days-to-cover ratio is presently 4.6 days.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded up $1.07 during trading on Friday, hitting $44.34. 9,304,861 shares of the stock traded hands, compared to its average volume of 3,879,152. The company has a fifty day moving average price of $45.02 and a two-hundred day moving average price of $42.86. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The company has a market cap of $29.73 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 1.79 and a beta of 1.24. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company earned $0.92 earnings per share. The company’s revenue was up 1.2% compared to the same quarter last year. As a group, equities analysts predict that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.34%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Piper Sandler increased their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $45.92.

Insider Buying and Selling

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $25,000. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth approximately $36,000. Hexagon Capital Partners LLC raised its holdings in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp in the third quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.