Fifth Third Bancorp (NASDAQ:FITB) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 14,216,300 shares, a decrease of 15.6% from the May 15th total of 16,841,600 shares. Based on an average daily volume of 7,310,000 shares, the short-interest ratio is presently 1.9 days. Currently, 2.2% of the company’s stock are sold short.
In other news, CAO Teresa J. Tanner sold 2,918 shares of the company’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. Insiders sold a total of 62,466 shares of company stock valued at $1,716,402 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FITB. Unison Advisors LLC increased its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Unison Advisors LLC now owns 56,420 shares of the financial services provider’s stock worth $1,435,000 after acquiring an additional 403 shares during the period. Executive Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 14.8% in the first quarter. Executive Wealth Management LLC now owns 3,390 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 437 shares during the period. AlphaMark Advisors LLC increased its stake in shares of Fifth Third Bancorp by 0.3% in the first quarter. AlphaMark Advisors LLC now owns 143,945 shares of the financial services provider’s stock worth $3,630,000 after acquiring an additional 437 shares during the period. JOYN Advisors Inc. increased its stake in shares of Fifth Third Bancorp by 38.6% in the fourth quarter. JOYN Advisors Inc. now owns 1,722 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 480 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Fifth Third Bancorp by 24.0% in the first quarter. Signaturefd LLC now owns 2,999 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 581 shares during the period. 81.82% of the stock is owned by institutional investors and hedge funds.
NASDAQ:FITB traded up $0.61 during midday trading on Friday, reaching $27.90. 8,183,298 shares of the stock traded hands, compared to its average volume of 7,166,871. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.31. The firm has a 50-day moving average price of $27.24. 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 company has a market cap of $20.04 billion, a PE ratio of 10.98, a PEG ratio of 1.36 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 2.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.44%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 37.80%.
Fifth Third Bancorp declared that its board has initiated a share buyback program on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
About Fifth Third Bancorp
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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