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 0.06% to 84.22 million shares with purchase of 49964.0 shares. This fresh investment now brings its stake to 12.37% valued currently at $2.24 billion. In addition, T. Rowe Price Associates, Inc. raised its holdings by 1.7 million to 43.94 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.29% or 0.71 million shares – to 31.75 million shares.
With over 4.87 million Fifth Third Bancorp (FITB) shares trading Monday and a closing price of $27.13 on the day, the dollar volume was approximately $132.02 million. The shares have shown a positive half year performance of 8.74% and its price on 09/18/23 lost nearly -1.13%. Currently, there are 684.03M common shares owned by the public and among those 677.50M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for FITB have a consensus price objective of $31.83. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $26.50. The average price target is 15.56% above its recent price level and a downside to the estimated low will see the stock lose -2.38% over that period. But an upside of 22.49% will see the stock hit the forecast high price target while median target price for the stock is $32.00.
Insiders at the company have transacted a total of 138 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 63 of these insider trades were purchases, accounting for 757,766 shares. Insider sales of the common stock occurred on 75 occasions, with total insider shares sold totaling 244,708 shares.
The top 3 mutual fund holders in Fifth Third Bancorp are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 21.26 million shares of the company’s stock, all valued at over $564.46 million. The company sold 1641.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard 500 Index Fund bought 0.1 million shares to see its total holdings expand to 16.4 million shares valued at over $435.48 million and representing 2.41% of the shares outstanding. Vanguard Mid Cap Index Fund bought 21271.0 shares to bring its total holdings to over 15.77 million shares at a value of $418.7 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.32% of the shares outstanding.
Shares of Fifth Third Bancorp (NASDAQ: FITB) opened at $27.43, down -$0.01 from a prior closing price of $27.44. However, the script later moved the day high at 27.45, down -1.13%. The company’s stock has a 5-day price change of 2.38% and 2.22% over the past three months. FITB shares are trading -17.31% year to date (YTD), with the 12-month market performance down to -24.18% lower. It has a 12-month low price of $22.11 and touched a high of $38.06 over the same period. FITB has an average intraday trading volume of 5.20 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 2.90%, -0.27%, and -7.38% respectively.
Institutional ownership of Fifth Third Bancorp (NASDAQ: FITB) shares accounts for 83.00% of the company’s 684.03M shares outstanding. Mutual fund holders own 29.26%, while other institutional holders and individual stakeholders account for 50.55% and 1.99% respectively.
It has a market capitalization of $18.53B and a beta (3y monthly) value of 1.22. The stock’s trailing 12-month PE ratio is 7.73, while the earnings-per-share (ttm) stands at $3.51. The company has a PEG of 1.60 and the debt-to-equity ratio at 0.78. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.05% over the week and 2.48% over the month.
Analysts forecast that Fifth Third Bancorp (FITB) will achieve an EPS of $0.82 for the current quarter, $0.81 for the next quarter and $3.16 for 2024. The lowest estimate earnings-per-share for the quarter is $0.77 while analysts give the company a high EPS estimate of $0.86. Comparatively, EPS for the current quarter was $0.91 a year ago. Earnings per share for the fiscal year are expected to decrease by -10.40%, and -2.17% over the next financial year. EPS should shrink at an annualized rate of 4.84% over the next five years, compared to 6.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Fifth Third Bancorp (FITB) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 8 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”
