Fifth Third Bancorp (NASDAQ:FITB) Sees Significant Growth in Short Interest

Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a large growth in short interest in January. As of January 15th, there was short interest totalling 20,170,000 shares, a growth of 7.2% from the December 31st total of 18,810,000 shares. Based on an average daily volume of 4,380,000 shares, the days-to-cover ratio is currently 4.6 days. Currently, 3.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several brokerages have commented on FITB. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Piper Sandler reiterated an “overweight” rating and set a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Up 0.7 %

Shares of FITB traded up $0.29 during mid-day trading on Tuesday, hitting $43.86. 589,169 shares of the company’s stock were exchanged, compared to its average volume of 4,875,331. The stock has a market cap of $29.41 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The firm has a fifty day moving average of $44.48 and a two-hundred day moving average of $43.36. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued 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 3.37%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of institutional investors have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $25,000. Sierra Ocean LLC acquired a new position in Fifth Third Bancorp in the fourth quarter worth about $28,000. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 316 shares during the period. Y.D. More Investments Ltd boosted its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 449 shares in the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $36,000. 83.79% of the stock is owned by institutional investors and hedge funds.

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.