Fifth Third Bancorp (NASDAQ:FITB) Trading Down 3.6% – Here’s What Happened

Shares of Fifth Third Bancorp (NASDAQ:FITB) fell 3.6% during mid-day trading on Wednesday . The company traded as low as $43.47 and last traded at $43.26. 524,707 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,221,316 shares. The stock had previously closed at $44.86.

Wall Street Analyst Weigh In

FITB has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday. DA Davidson raised their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday. Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Finally, Barclays upped their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Price Performance

The stock has a 50-day moving average price of $44.78 and a 200 day moving average price of $43.03. The stock has a market capitalization of $29.62 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.91 and a beta of 1.24. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.35%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in FITB. OneDigital Investment Advisors LLC lifted its stake in Fifth Third Bancorp by 1.1% in the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after acquiring an additional 222 shares during the last quarter. Transamerica Financial Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 7.5% during the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 232 shares in the last quarter. Eads & Heald Wealth Management increased its holdings in Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after buying an additional 235 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after buying an additional 236 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 246 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.