The Vanguard Group, Inc. recently announced the acquisition of new stake in Fifth Third Bancorp (NASDAQ:FITB). The institutional investor has increased its shareholding in the Financial company by 18.49% to 71.29 million shares with purchase of 11.12 million shares. This fresh investment now brings its stake to 10.01% valued currently at $1.42 billion. In addition, BlackRock Fund Advisors raised its holdings by 9.72 million to 43.68 million shares. And Managed Account Advisors LLC has lifted its position by 111.15% or 12.81 million shares – to 24.34 million shares.
With over 4.83 million Fifth Third Bancorp (FITB) shares trading Tuesday and a closing price of $20.71 on the day, the dollar volume was approximately $100.01 million. The shares have shown a positive weekly performance of 3.14% and its price on 08/25/20 gained nearly 1.02%. Currently, there are 714.77M common shares owned by the public and among those 710.12M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for FITB have a consensus price objective of $22.53. The analysts have set the share’s price value over the next 12 months at a high of $27.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Fifth Third Bancorp stock is 2.20 for the next 12 months. The average price target is 8.85% above its last price level and an upside to the estimated low will see the stock lose -15.06% over that period. But an upside of 23.3% will see the stock hit the forecast high price target while mean target price for the stock is $22.00.
Insiders at the company have transacted a total of 117 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 49 of these insider trades were purchases, accounting for 867,740 shares. Insider sales of the common stock occurred on 68 occasions, with total insider shares sold totaling 687,284 shares.
The top 3 mutual fund holders in Fifth Third Bancorp are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and T Rowe Price Equity Income Fund. Vanguard Total Stock Market Index owns 20.24 million shares of the company’s stock, all valued at over $401.99 million. The company sold 59161.0 shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard 500 Index Fund sold 88358.0 shares to see its total holdings shrink to 14.69 million shares valued at over $291.66 million and representing 2.06% of the shares outstanding. T Rowe Price Equity Income Fund sold -0.63 million shares to bring its total holdings to over 11.03 million shares at a value of $218.96 million. T Rowe Price Equity Income Fund now owns shares totaling to 1.55% of the shares outstanding.
Shares of Fifth Third Bancorp (NASDAQ: FITB) opened at $20.75, up $0.25 from a prior closing price of $20.50. However, the script later closed the day at $20.71, up 1.02%. The company’s stock has a 5-day price change of 3.14% and -1.24% over the past three months. FITB shares are trading -32.63% year to date (YTD), with the 12-month market performance down to -18.50% lower. It has a 12-month low price of $11.10 and touched a high of $31.64 over the same period. Currently, 4.83 million shares have been traded, compared to an average intraday trading volume of 7.44 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.43%, 4.77%, and -9.57% respectively.
Institutional ownership of Fifth Third Bancorp (NASDAQ: FITB) shares accounts for 81.20% of the company’s 714.77M shares outstanding. Mutual fund holders own 32.67%, while other institutional holders and individual stakeholders account for 48.49% and 1.72% respectively.
It has a market capitalization of $14.92B and a beta (3y monthly) value of 1.74. The stock’s trailing 12-month PE ratio is 10.68, while the earnings-per-share (ttm) stands at $1.94. The company has a debt-to-equity ratio at 0.79. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.96% over the week and 3.21% over the month.
Analysts forecast that Fifth Third Bancorp (FITB) will achieve an EPS of $0.49 for the current quarter, $0.51 for the next quarter and $1.89 for 2021. The lowest estimate earnings-per-share for the quarter is $0.29 while analysts give the company a high EPS estimate of $0.62. Comparatively, EPS for the current quarter was $0.75 a year ago. Earnings per share for the fiscal year are expected to increase by 9.00%, and 35.22% over the next financial year. EPS should shrink at an annualized rate of -3.16% over the next five years, compared to 14.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Fifth Third Bancorp (FITB) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 9 of the 24 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the FITB, a number of firms have released research notes about the stock. Wolfe Research stated their Outperform rating for the stock in a research note on July 31, 2020, with the firm’s price target at. Deutsche Bank coverage for the Fifth Third Bancorp (FITB) stock in a research note released on July 28, 2020 offered a Hold rating with a price target of. DA Davidson was of a view on March 24, 2020 that the stock is Buy, while Robert W. Baird gave the stock Outperform rating on March 02, 2020, issuing a price target of $32. Barclays on their part issued Overweight rating on January 06, 2020.