Fifth Third Bancorp (NASDAQ:FITB) Director Evan Bayh Buys 4,000 Shares

Fifth Third Bancorp (NASDAQ:FITB) Director Evan Bayh bought 4,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was purchased at an average cost of $25.93 per share, for a total transaction of $103,720.00. Following the completion of the transaction, the director now directly owns 48,517 shares of the company’s stock, valued at approximately $1,258,045.81. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Shares of NASDAQ FITB traded up $0.05 during trading on Friday, hitting $26.80. The company had a trading volume of 270,321 shares, compared to its average volume of 5,113,810. The stock has a 50 day simple moving average of $27.09 and a 200 day simple moving average of $27.29. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.90. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $30.20. The firm has a market capitalization of $18.96 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 1.28 and a beta of 1.38.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.66 by $0.05. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter last year, the company earned $0.63 earnings per share. As a group, analysts predict that Fifth Third Bancorp will post 2.83 EPS for the current year.

Fifth Third Bancorp declared that its board has approved a stock repurchase program on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Fifth Third Bancorp by 82.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 419,230 shares of the financial services provider’s stock valued at $11,697,000 after purchasing an additional 189,369 shares during the period. Boston Partners raised its stake in Fifth Third Bancorp by 5.2% during the 2nd quarter. Boston Partners now owns 10,655,998 shares of the financial services provider’s stock valued at $297,298,000 after purchasing an additional 524,649 shares during the period. Nomura Holdings Inc. bought a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $1,440,000. Cresset Asset Management LLC increased its stake in Fifth Third Bancorp by 3.9% in the 2nd quarter. Cresset Asset Management LLC now owns 30,647 shares of the financial services provider’s stock worth $862,000 after acquiring an additional 1,164 shares during the last quarter. Finally, Prudential PLC increased its stake in Fifth Third Bancorp by 0.3% in the 2nd quarter. Prudential PLC now owns 310,601 shares of the financial services provider’s stock worth $8,695,000 after acquiring an additional 891 shares during the last quarter. 81.05% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have issued reports on the company. Citigroup cut Fifth Third Bancorp from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $31.00 to $30.00 in a research report on Friday, July 12th. Raymond James raised their target price on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Nomura set a $29.00 target price on Fifth Third Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Wells Fargo & Co raised their target price on Fifth Third Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Tuesday, June 4th. Finally, Wedbush raised their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.27.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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