Fifth Third Bancorp (NASDAQ: FITB) stock fell -1.18% on Thursday to $25.05 against a previous-day closing price of $25.35. With 5.9 million shares changed hands, the volume of the stock remained lighter than its average volume of 10.57 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $25.42 whereas the lowest price it dropped to was $24.73. The 52-week range on FITB shows that it touched its highest point at $40.07 and its lowest point at $22.11 during that stretch. It currently has a 1-year price target of $32.14. With its current market cap of 17.10 billion, FITB has annualized dividend of $1.32 while the current yield stands at 5.27%. Beta for the stock currently stands at 1.20.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FITB was down-trending over the past week, with a drop of -0.48%, but this was down by -2.07% over a month. Three-month performance dropped to -31.01% while six-month performance fell -31.05%. The stock lost -31.58% in the past year, while it has lost -23.65% so far this year. A look at the trailing 12-month EPS for FITB yields 3.44 with Next year EPS estimates of 3.47. For the next quarter, that number is 0.89. This implies an EPS growth rate of -10.40% for this year and 0.52% for next year. EPS is expected to grow by 4.84% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 6.30%.
Float and Shares Shorts:
At present, 684.02 million FITB shares are outstanding with a float of 673.73 million shares on hand for trading. On Apr 27, 2023, short shares totaled 7.74 million, which was 1.14% higher than short shares on Mar 30, 2023. In addition to Mr. Timothy N. Spence as the firm’s CEO, Pres & Director, Mr. James C. Leonard CPA serves as its Exec. VP & CFO.
Through their ownership of 83.15% of FITB’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 48.54% of FITB, in contrast to 31.09% held by mutual funds. Shares owned by individuals account for 2.00%. As the largest shareholder in FITB with 12.40% of the stake, The Vanguard Group, Inc. holds 84,151,135 shares worth 84,151,135. A second-largest stockholder of FITB, T. Rowe Price Associates, Inc., holds 43,179,942 shares, controlling over 6.36% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in FITB, holding 42,247,650 shares or 6.23% stake. With a 3.13% stake in FITB, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 21,212,499 shares are owned by the mutual fund manager. The Vanguard 500 Index Fund, which owns about 2.36% of FITB stock, is the second-largest Mutual Fund holder. It holds 16,039,795 shares valued at 420.24 million. Vanguard Mid Cap Index Fund holds 2.35% of the stake in FITB, owning 15,942,689 shares worth 417.7 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FITB since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With FITB analysts setting a high price target of $41.00 and a low target of $27.10, the average target price over the next 12 months is $32.39. Based on these targets, FITB could surge 63.67% to reach the target high and rise by 8.18% to reach the target low. Reaching the average price target will result in a growth of 29.3% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Dividends & Yield:
In terms of dividends, FITB has a current ratio of $1.32, which is $1.32 over the trailing 12-months, while a dividend of $1.0 is likely to be paid on average over the next five years. Dividend yield is another indicator that appeals to many investors, and FITB currently yields $5.15. In the past year, FITB’s dividend yield has been $5.15, but when looking at the stock over the past five years, its yield has been $3.37. Accordingly, FITB has a current buyback yield of $1.76. This was $1.76 for the TTM, and it was $5.52 for the past five years.
Summary of Insider Activity:
Insiders traded FITB stock several times over the past three months with 18 Buys and 4 Sells. In these transactions, 159,158 shares were bought while 29,043 shares were sold. The number of buy transactions has increased to 62 while that of sell transactions has risen to 75 over the past year. The total number of shares bought during that period was 781,669 while 255,021 shares were sold.