Fifth Third Bancorp (NASDAQ:FITB) Short Interest Update

Fifth Third Bancorp (NASDAQ:FITB) experienced a notable decline in short interest throughout November. By the end of the month, specifically on November 30th, the company reported short interest amounting to 20,000,000 shares. This figure reflects an 8.9% reduction from the short interest of 21,960,000 shares recorded on November 15th. As it stands, around 3.0% of all outstanding shares of Fifth Third Bancorp are currently sold short. Given the average daily trading volume of 4,160,000 shares, the short-interest ratio is now at an approximate 4.8 days.

Insider Transactions at Fifth Third Bancorp

In related developments, Kristine R. Garrett, an Executive Vice President, sold 7,500 shares of the company’s stock on October 28th. The transaction was executed at an average price of $43.67, totaling approximately $327,525. Following this sale, Garrett holds 55,913 shares, which equates to a value of roughly $2,441,721, marking an 11.83% decrease in her stake. This transaction was duly reported in a filing with the Securities and Exchange Commission, which is publicly accessible. Currently, insiders own 0.50% of the company's stock.

Institutional Investors and Their Activity

Several large investors have been active in buying and selling shares of Fifth Third Bancorp. Venturi Wealth Management LLC increased its stake by 89.5% in the third quarter, resulting in ownership of 669 shares worth about $29,000 after adding another 316 shares. Similarly, American Capital Advisory LLC acquired new shares valued at approximately $34,000 during the second quarter. Legacy Investment Solutions LLC and Hexagon Capital Partners LLC also reported purchasing new positions in the company, valued around $36,000 and $37,000 respectively. Currently, institutional investors hold approximately 83.79% of the company's stock.

Company Trading Performance

On Tuesday, Fifth Third Bancorp shares dropped by 1.2%, trading at $45.05. A total of 5,263,932 shares were exchanged, surpassing its average volume of 4,544,114 shares. The company boasts a market capitalization of $30.21 billion, a P/E ratio of 15.15, and a price-to-earnings-growth ratio of 2.19, with a beta value of 1.22. Over the past year, the shares reached a low of $32.29 and a high of $49.07. The fifty-day moving average stands at $45.61, while the 200-day moving average is $41.77. The current debt-to-equity ratio is reported at 0.92, with both the current and quick ratios at 0.82.

Recent Earnings Announcement

Fifth Third Bancorp recently announced its quarterly earnings on October 18th. The company reported earnings per share of $0.78 for the quarter, which fell short of the expected $0.83 by $0.05. The return on equity for the firm was recorded at 14.58%, alongside a net margin of 16.58%. Revenue for the quarter reached $2.19 billion, slightly beating the anticipated figure of $2.16 billion. Compared to last year, the company's earnings per share improved from $0.92. Analysts expect Fifth Third Bancorp to report around $3.34 in earnings per share by the end of the current fiscal year.

Dividend Declaration

The company has also announced its upcoming quarterly dividend, set to be distributed on January 15th. Investors who hold shares by December 31st will receive a dividend of $0.37 per share, translating to an annualized dividend of $1.48 and a yield of 3.29%. The ex-dividend date is also December 31st. The firm's dividend payout ratio currently stands at 49.17%.

Analyst Ratings and Price Predictions

Multiple analysts recently shared their insights on Fifth Third Bancorp's stock. Baird R W changed its rating from “strong buy” to “hold” on October 21st. Meanwhile, Evercore ISI raised its target price from $46.00 to $47.00, giving the stock an “in-line” rating. Wells Fargo & Company also increased their target for the stock from $52.00 to $54.00 on November 15th, rating it as “overweight”. Keefe, Bruyette & Woods adjusted their price target from $45.00 to $51.00, maintaining a “market perform” rating. Citigroup upgraded their target from $43.00 to $52.00 with a “neutral” rating on November 22nd. Overall, one investment analyst rated the stock a sell, nine provided hold ratings, and ten issued buy ratings, leading to an average rating of “Hold” and a consensus price target of $44.81.

About Fifth Third Bancorp

Fifth Third Bancorp functions as a bank holding company for Fifth Third Bank, National Association, which offers a broad range of financial products and services throughout the United States. The company operates across three main segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

banking, stocks, investment