Capital Research & Management Co has recently announced that it has increased stake in Fifth Third Bancorp (NASDAQ:FITB) by 204.71%. After grabbing 30.61 million shares, the institutional investor is now in possession of 20.57 million shares of the Financial Company. The new investment brought the stake of investor firm to 4.50% having worth around $886.2 million. Moreover, JPMorgan Investment Management, I increased its share by 63135.0 to have a control over 15.89 million shares. And Geode Capital Management LLC raised its holdings to 0.33 million shares by acquiring 15.52 million shares or 2.28% of the stake.
Fifth Third Bancorp (FITB) concluded trading on 01/03/24 at a closing price of $33.98, with 5.03 million shares of worth about $170.88 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 28.03% during that period and on Wednesday the price saw a loss of about -2.30%. Currently the company’s common shares owned by public are about 683.39M shares, out of which, 677.24M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 26 analysts are covering the FITB stock and their offered price forecasts bring an average price target of $34.41. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $43.00 and could fall to a lowest price of $28.00. The stock’s current price level is 1.25% above of average price target set by the analysts, while a rise to estimated low would result in loss of -21.36% for the stock. However, touching the estimated high of $43.00 would mean a gain of 20.98% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 112 times over the past 12 months. They bought 777,715 shares in 44 of the transactions. In 68 selling transactions, insiders dumped 198,365 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund are the top 3 mutual funds which are holding stakes in Fifth Third Bancorp Vanguard Total Stock Market ETF is currently holding 21.37 million shares of worth totaling $618.58 million. The company recently came buying 25532.0 shares which brought its stake up to 3.14% of the company’s outstanding shares. Vanguard 500 Index Fund bought 72229.0 shares, after which its hold over company’s outstanding shares expand to 2.41%, leaving 16.44 million shares with the mutual fund that have a worth of about $475.87 million. Vanguard Mid Cap Index Fund, after buying 15.45 million shares, have now control over 2.27% of the stake in the company. It holds 31288.0 shares of worth $447.4 million.
Fifth Third Bancorp (NASDAQ: FITB) started trading at $34.31, below -$0.47 from concluding price of the previous day. However, the stock later moved at a day high price of 34.46, or with a loss of -2.30%. Stock saw a price change of -2.80% in past 5 days and over the past one month there was a price change of 11.12%. Year-to-date (YTD), FITB shares are showing a performance of -1.48% which increased to 3.57% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $22.11 but also hit the highest price of $38.06 during that period. The average intraday trading volume for Fifth Third Bancorp shares is 5.44 million. The stock is currently trading 2.32% above its 20-day simple moving average (SMA20), while that difference is up 18.09% for SMA50 and it goes to 26.61% higher than SMA200.
Capital Research & Management Co acquired 30.61 million shares of Fifth Third Bancorp having value of about $886.2 million. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 20.57 million shares in the company valued at close to $698810083.3, or have control over 204.71% stake in the company. Fifth Third Bancorp (NASDAQ: FITB) currently have 683.39M outstanding shares and institutions hold larger chunk of about 81.34% of that. Holding of mutual funds in the company is about 28.77% while other institutional holders and individual stake holders have control over 52.93% and 2.00% of the stake respectively.
The stock has a current market capitalization of $23.14B and its 3Y-monthly beta is at 1.29. PE ratio of stock for trailing 12 months is 9.69, while it has posted earnings per share of $3.51 in the same period. Its PEG reads 2.00 while making debt-to-equity ratio of 1.31. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FITB, volatility over the week remained 1.75% while standing at 2.50% over the month.
Analysts are in expectations that Fifth Third Bancorp (FITB) stock would likely to be making an EPS of $0.85 in the current quarter, while forecast for next quarter EPS is $0.72 and it is $3.2 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.63 which is $0.94 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -0.27% while it is estimated to decrease by -3.77% in next year. EPS is likely to grow at an annualized rate of 4.84% for next 5-years, compared to annual growth of 3.42% made by the stock over the past 5-years.
Analysts at 26 brokerage firms have issued recommendations for the Fifth Third Bancorp (FITB)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.77. Out of those 26 Wall Street analysts, 14 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
