The Vanguard Group, Inc. has recently announced that it has increased stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.93%. After grabbing 82.68 million shares, the institutional investor is now in possession of 0.77 million shares of the Financial Company. The new investment brought the stake of investor firm to 12.05% having worth around $2.95 billion. Moreover, SSgA Funds Management, Inc. increased its share by 0.56 million to have a control over 31.58 million shares. And T. Rowe Price Associates, Inc. raised its holdings to 1.51 million shares by acquiring 30.42 million shares or 4.43% of the stake.
Fifth Third Bancorp (FITB) concluded trading on 11/23/22 at a closing price of $36.33, with 2.84 million shares of worth about $103.09 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -2.96% during that period and on Wednesday the price remained unchanged. Currently the company’s common shares owned by public are about 689.28M shares, out of which, 683.06M shares are available for trading.
Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $48.00 and could fall to a lowest price of $35.00. The stock’s current price level is 10.14% above of average price target set by the analysts, while a rise to estimated low would result in loss of -3.8% for the stock. However, touching the estimated high of $48.00 would mean a gain of 24.31% 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 139 times over the past 12 months. They bought 749,970 shares in 61 of the transactions. In 78 selling transactions, insiders dumped 521,443 shares.
Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Fifth Third Bancorp Vanguard Total Stock Market Index is currently holding 20.61 million shares of worth totaling $735.41 million. The company recently came buying 0.17 million shares which brought its stake up to 3.00% of the company’s outstanding shares. Vanguard Mid Cap Index Fund bought 0.19 million shares, after which its hold over company’s outstanding shares expand to 2.34%, leaving 16.03 million shares with the mutual fund that have a worth of about $572.07 million. Vanguard 500 Index Fund, after buying 15.7 million shares, have now control over 2.29% of the stake in the company. It holds 0.15 million shares of worth $560.32 million.
Fifth Third Bancorp (NASDAQ: FITB) started trading at $36.10, below -$0.23 from concluding price of the previous day. Stock saw a price change of 1.51% in past 5 days and over the past one month there was a price change of 2.77%. Year-to-date (YTD), FITB shares are showing a performance of -16.58% which decreased to -18.98% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $30.92 but also hit the highest price of $50.64 during that period. The average intraday trading volume for Fifth Third Bancorp shares is 4.53 million. The stock is currently trading 2.16% above its 20-day simple moving average (SMA20), while that difference is up 5.69% for SMA50 and it goes to -3.59% lower than SMA200.
The Vanguard Group, Inc. acquired 82.68 million shares of Fifth Third Bancorp having value of about $2.95 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.77 million shares in the company valued at close to $27817663.02, or have control over 0.93% stake in the company. Fifth Third Bancorp (NASDAQ: FITB) currently have 689.28M outstanding shares and institutions hold larger chunk of about 83.10% of that. Holding of mutual funds in the company is about 31.29% while other institutional holders and individual stake holders have control over 50.99% and 1.88% of the stake respectively.
The stock has a current market capitalization of $24.73B and its 3Y-monthly beta is at 1.23. PE ratio of stock for trailing 12 months is 11.18, while it has posted earnings per share of $3.25 in the same period. Its PEG reads 2.22 while making debt-to-equity ratio of 0.80. 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 1.52% while standing at 2.14% over the month.
Analysts are in expectations that Fifth Third Bancorp (FITB) stock would likely to be making an EPS of $1.02 in the current quarter, while forecast for next quarter EPS is $0.92 and it is $3.95 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.98 which is $1.09 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 $0.9 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 104.30% while it is estimated to increase by 17.69% in next year. EPS is likely to shrink at an annualized rate of 5.04% for next 5-years, compared to annual growth of 14.40% made by the stock over the past 5-years.
Analysts at 23 brokerage firms have issued recommendations for the Fifth Third Bancorp (FITB)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 23 Wall Street analysts, 13 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wedbush on September 28, 2022 offering an Outperform rating for the stock and assigned a target price of $39 to it. Coverage by Robert W. Baird stated Fifth Third Bancorp (FITB) stock as an Outperform in their note to investors on June 17, 2022, suggesting a price target of $44 for the stock. On April 28, 2022, Wells Fargo Upgrade their recommendations, while on April 07, 2022, Wolfe Research Downgrade their ratings for the stock with a price target of $47. Stock get an Equal-weight rating from Morgan Stanley on March 28, 2022.