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

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

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of research analyst reports. Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Citigroup lifted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.14.

Fifth Third Bancorp Stock Down 2.4 %

The company’s fifty day simple moving average is $44.91 and its 200 day simple moving average is $43.02. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $29.35 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.38%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth $25,000. Venturi Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at about $36,000. Hexagon Capital Partners LLC increased its stake in Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the third quarter valued at $39,000. 83.79% of the stock is owned by 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.