Short Interest in Fifth Third Bancorp (NASDAQ:FITB) Drops By 36.0%

Fifth Third Bancorp (NASDAQ:FITB) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 9,103,600 shares, a decline of 36.0% from the May 30th total of 14,216,300 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average daily volume of 6,680,000 shares, the days-to-cover ratio is presently 1.4 days.

In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 2,918 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total value of $83,892.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $26.51, for a total transaction of $99,120.89. Following the completion of the sale, the director now directly owns 50,397 shares in the company, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,466 shares of company stock worth $1,716,402. 0.40% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in FITB. Unison Advisors LLC boosted its holdings in Fifth Third Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 56,420 shares of the financial services provider’s stock valued at $1,435,000 after purchasing an additional 403 shares in the last quarter. Executive Wealth Management LLC grew its holdings in shares of Fifth Third Bancorp by 14.8% in the 1st quarter. Executive Wealth Management LLC now owns 3,390 shares of the financial services provider’s stock valued at $85,000 after buying an additional 437 shares during the period. AlphaMark Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 0.3% in the 1st quarter. AlphaMark Advisors LLC now owns 143,945 shares of the financial services provider’s stock valued at $3,630,000 after buying an additional 437 shares during the period. Signaturefd LLC grew its holdings in shares of Fifth Third Bancorp by 24.0% in the 1st quarter. Signaturefd LLC now owns 2,999 shares of the financial services provider’s stock valued at $76,000 after buying an additional 581 shares during the period. Finally, Cadence Capital Management LLC boosted its stake in Fifth Third Bancorp by 4.5% in the 1st quarter. Cadence Capital Management LLC now owns 13,591 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 591 shares during the period. Institutional investors and hedge funds own 81.82% of the company’s stock.

Fifth Third Bancorp stock traded up $0.14 during trading on Friday, hitting $28.19. The company’s stock had a trading volume of 240,817 shares, compared to its average volume of 5,949,876. The stock has a market capitalization of $20.30 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 1.38 and a beta of 1.33. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a fifty day moving average price of $27.40. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $30.31.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the firm earned $0.57 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 2.8 EPS for the current fiscal year.

Fifth Third Bancorp announced that its Board of Directors has approved a stock buyback program on Tuesday, June 18th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, June 27th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.41%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 37.80%.

A number of research firms recently weighed in on FITB. BidaskClub raised shares of Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Sandler O’Neill upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Wedbush decreased their price objective on shares of Express from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, March 14th. Citigroup upgraded shares of Infosys from a “neutral” rating to a “buy” rating in a research note on Friday. Finally, Wells Fargo & Co raised shares of Medtronic from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. Thirteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $31.27.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. 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.

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