Fifth Third Bancorp Sees Unusually High Options Volume (NASDAQ:FITB)

Posted by Defense World Staff on Sep 7th, 2023

Fifth Third Bancorp logo Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) was the target of unusually large options trading on Wednesday. Stock investors purchased 10,040 call options on the company. This represents an increase of 124% compared to the typical daily volume of 4,491 call options.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $26.60 on Thursday. Fifth Third Bancorp has a fifty-two week low of $22.11 and a fifty-two week high of $38.06. The business has a 50-day moving average of $27.15 and a two-hundred day moving average of $27.28. The stock has a market capitalization of $18.11 billion, a P/E ratio of 7.56, a P/E/G ratio of 0.98 and a beta of 1.21. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.79 and a quick ratio of 0.78.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Fifth Third Bancorp had a return on equity of 16.92% and a net margin of 22.66%. The company had revenue of $3.10 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm earned $0.79 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $1.32 annualized dividend and a yield of 4.96%. Fifth Third Bancorp’s dividend payout ratio is 37.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on Fifth Third Bancorp from $40.00 to $35.00 in a report on Thursday, June 15th. Citigroup lifted their price target on Fifth Third Bancorp from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Sunday, July 23rd. DA Davidson lifted their price target on Fifth Third Bancorp from $28.00 to $29.00 in a report on Friday, July 21st. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Finally, Piper Sandler lowered their price target on Fifth Third Bancorp from $32.00 to $31.00 in a report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $32.50.

Read Our Latest Report on FITB

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in shares of Fifth Third Bancorp by 15,491.4% during the 1st quarter. Franklin Resources Inc. now owns 8,875,110 shares of the financial services provider’s stock worth $236,433,000 after purchasing an additional 8,818,187 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Fifth Third Bancorp by 23.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,477,138 shares of the financial services provider’s stock worth $1,229,625,000 after buying an additional 7,062,005 shares in the last quarter. Norges Bank bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $185,924,000. BlackRock Inc. grew its position in Fifth Third Bancorp by 6.2% during the 1st quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock worth $1,565,617,000 after acquiring an additional 3,448,642 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Fifth Third Bancorp by 10.5% during the 4th quarter. Bank of America Corp DE now owns 33,243,129 shares of the financial services provider’s stock valued at $1,090,707,000 after purchasing an additional 3,172,058 shares in the last quarter. 77.96% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

(Get Free Report)

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.