Fifth Third Bancorp (NASDAQ:FITB) Short Interest Down 20.6% in March

Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totalling 19,390,000 shares, a drop of 20.6% from the March 15th total of 24,430,000 shares. Approximately 2.9% of the shares of the stock are sold short. Based on an average daily volume of 5,080,000 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent analyst reports. Barclays reduced their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods reduced their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a research note on Monday, April 7th. Finally, Wells Fargo & Company decreased their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $46.71.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction on 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 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 the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of FITB. Retirement Wealth Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $25,000. Sierra Ocean LLC acquired a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $28,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. BankPlus Trust Department acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $29,000. Finally, Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.83 during midday trading on Monday, hitting $33.32. The stock had a trading volume of 7,173,196 shares, compared to its average volume of 4,468,600. The company has a market capitalization of $22.26 billion, a PE ratio of 10.61, a P/E/G ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The stock has a 50 day moving average price of $38.95 and a two-hundred day moving average price of $42.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, equities analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared 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 4.44%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp’s payout ratio is 46.98%.

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.