Fifth Third Bancorp (NASDAQ:FITB) Short Interest Up 22.7% in October

Fifth Third Bancorp (NASDAQ:FITB) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 23,050,000 shares, a growth of 22.7% from the October 15th total of 18,790,000 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average trading volume of 4,070,000 shares, the days-to-cover ratio is presently 5.7 days.

Fifth Third Bancorp Trading Down 0.6 %

FITB traded down $0.27 during midday trading on Friday, reaching $46.99. 3,522,731 shares of the company’s stock traded hands, compared to its average volume of 4,754,390. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $31.51 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 2.25 and a beta of 1.21. The firm has a fifty day moving average of $43.61 and a two-hundred day moving average of $40.38. Fifth Third Bancorp has a 52 week low of $26.89 and a 52 week high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.15%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FITB. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Argus boosted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley raised their price objective on 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. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $43.09.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The trade was a 14.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of FITB. Brophy Wealth Management LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $302,000. M&T Bank Corp lifted its position in shares of Fifth Third Bancorp by 1.5% during the third quarter. M&T Bank Corp now owns 43,173 shares of the financial services provider’s stock valued at $1,850,000 after buying an additional 654 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Fifth Third Bancorp by 1.0% in the third quarter. Public Employees Retirement System of Ohio now owns 331,924 shares of the financial services provider’s stock valued at $14,220,000 after acquiring an additional 3,257 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Fifth Third Bancorp by 6.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 204,838 shares of the financial services provider’s stock worth $8,775,000 after buying an additional 11,978 shares during the last quarter. Finally, MML Investors Services LLC increased its holdings in shares of Fifth Third Bancorp by 2.1% during the third quarter. MML Investors Services LLC now owns 163,226 shares of the financial services provider’s stock valued at $6,993,000 after acquiring an additional 3,331 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

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.